Solana is moving above the $150 resistance area. SOL price is rising and it might surpass the $158 resistance area to set new highs.
SOL price started rising again against the US Dollar above $150.
The price is currently above $152 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support at $150 on the hourly chart of the SOL/USD pair (data source: Kraken).
The pair is likely to gain bullish momentum again if it breaks above the $158 resistance area.
Solana Price Expected to Rise Further
Solana price extended gains like Bitcoin and Ethereum and broke the $150 resistance. SOL even climbed above $155 before the bears emerged. The price formed a high at $1,582 and started a downside correction.
The price declined below the $156 and $155 levels. The price declined below the 23.6% Fibonacci retracement level of the upward move from the $146 swing low to $158 high. However, the bulls are active near the $154 support area.
Solana is currently trading above $152 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support at $150 on the hourly chart of the SOL/USD pair. It is close to the 61.8% Fibonacci retracement level of the upward move from the $146 swing low to $158 high.
Source: SOLUSD on TradingView.com
On the upside, the price is facing resistance near the $158 level. The next major resistance is near the $162 level. A successful close above the $158 and $162 resistance levels could set the stage for another steady increase. The next key resistance is near the $174 level. Any further gains could push the price towards the $180 level.
Are there more disadvantages to SOL?
If SOL fails to break out of the $158 resistance, it could fall again. On the downside, an initial support is near the $153 level. The first major support is near the $150 level.
A break below the $150 level could lead the price towards the $145 area. If there is a close below the $145 support, the price could decline towards the $138 support in the near term.
