Solana (SOL) Holding Strong Above $150 — Breakout Zone In Play

Solana started a fresh increase from the $132 support zone. SOL price is now consolidating and might climb further above the $155 resistance zone.

• SOL price started a fresh increase above the $135 and $150 levels against the US Dollar.
• The price is now trading above $150 and the 100-hourly simple moving average.
• There is a connecting bullish trend line forming with support at $150 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 Gains Over 10%

Solana price formed a base above the $132 support and started a fresh increase, like Bitcoin and Ethereum. SOL gained pace for a move above the $135 and $145 resistance levels.

The pair even spiked toward the $150 resistance zone. A high was formed at $154.55 and the price is now consolidating gains. There was a minor move below the 23.6% Fib retracement level of the upward move from the $145 swing low to the $155 high.

Solana is now trading above $150 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $150 on the hourly chart of the SOL/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $145 swing low to the $155 high.

On the upside, the price is facing resistance near the $154 level. The next major resistance is near the $155 level. The main resistance could be $162. A successful close above the $162 resistance zone could set the pace for another steady increase. The next key resistance is $175. Any more gains might send the price toward the $180 level.

Pullback in SOL?

If SOL fails to rise above the $155 resistance, it could start another decline. Initial support on the downside is near the $150 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 gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $150 and $145.

Major Resistance Levels – $155 and $162.

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