Solana started a fresh increase from the $142 support zone. SOL price is now consolidating and might climb further above the $155 resistance zone.
- SOL price started a fresh increase above the $140 and $142 levels against the US Dollar.
- The price is now trading above $145 and the 100-hourly simple moving average.
- There is a short-term contracting triangle forming with resistance at $152 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if it clears the $155 resistance zone.
Solana Price Consolidates Gains
Solana price formed a base above the $135 support and started a fresh increase, like Bitcoin and Ethereum. SOL gained pace for a move above the $140 and $142 resistance levels.
The pair even spiked toward the $155 resistance zone. A high was formed at $153.30 before there was a pullback. The price dipped below $150. A low was formed at $145 and the price started a consolidation phase above the 23.6% Fib retracement level of the downward move from $153.30 swing high to the $145.54 low.
Solana is now trading below $152 and the 100-hourly simple moving average. There is also a short-term contracting triangle forming with resistance at $152 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance near the $149.50 level. The next major resistance is near the $150 level. The main resistance could be $152 and the 76.4% Fib retracement level of the downward move from $153.30 swing high to the $145.54 low.
A successful close above the $152 resistance zone could set the pace for another steady increase. The next key resistance is $155. Any more gains might send the price toward the $165 level.
Downside Correction in SOL?
If SOL fails to rise above the $150 resistance, it could start another decline. Initial support on the downside is near the $147 zone. The first major support is near the $145 level.
A break below the $145 level might send the price toward the $138 zone. If there is a close below the $138 support, the price could decline toward the $132 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $147 and $145.
Major Resistance Levels – $150 and $155.
