Solana has started a steady rise above the $135 zone. The price of SOL has broken through the $150 resistance and is now consolidating the growth.
- The price of SOL started to rise steadily, breaking through the resistance at $135 against the US dollar.
- The price is currently trading above $145 and the 100-hour simple moving average.
- The hourly chart of SOL/USD (data source: Kraken) shows a connecting bullish trend line forming with support at $147.
- The pair may correct lower, but bulls may remain active near $147 or $143.
Solana Price Jumps More Than 5%
Solana price was able to start a new rally above the $125 pivot level. SOL gained momentum to move above the $132 and $135 resistance levels, like Bitcoin and Ethereum.
The price even broke the $145 resistance and broke the $150 barrier. The high was formed at $152.05, and now the price is consolidating the gains. It is trading well above the 23.6% Fibonacci retracement level of the upward move from the swing low of $134 to the high of $152.
Solana is currently trading above the $145 level and the 100-hour simple moving average. There is also a connecting bullish trendline forming with support at $147 on the hourly chart of SOL/USD.
On the downside, the price may face resistance around $152. The next major resistance is around $155. A successful close above the $155 resistance could set the pace for another solid rally. The next key resistance is around $165. Any further gains could send the price towards $172.
Are SOL dips limited?
If SOL fails to rise above the $152 resistance, it could be the start of a downward correction. Initial support on the downside is near the $150 level. The first major support is near the $147 level and the trend line.
A break below the $147 level could send the price towards $143 or the 50% Fibonacci retracement level of the uptrend from the $134 swing low to the $152 high. A close below the $143 support could see the price decline towards the $138 support in the near term.
Technical indicators
Hourly MACD – MACD for SOL/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
The main support levels are $147 and $143.
The main resistance levels are $152 and $155.
