Solana (SOL) Rockets Over 10%: Analyzing The Bullish Trend

Solana started strong increase above the $135 resistance. SOL price is up over 10% on the ETF hopes and it might rise further toward $162.

SOL price started a steady increase and cleared the $142 resistance against the US Dollar. The price is now trading above $142 and the 100-hourly simple moving average. There is a connecting bullish trend line forming with support at $142 on the hourly chart of the SOL/USD pair (data source from Kraken).

The pair could correct lower and find bids near the $140-$142 zone.

Solana price formed a base above the $125 level and started a fresh increase. SOL broke many hurdles near the $135 and $140 levels to move into a positive zone. It gained over 10%, cleared the $145 resistance, and outperformed Bitcoin and Ethereum.

A high was formed at $150.93 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $135 swing low to the $151 high.

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