Solana is gaining momentum above the $150 resistance zone. SOL price is rising and may aim for a modern surge above the $158 resistance zone.
- SOL price has started a modern rally above the $150 zone against the US dollar.
- The price is currently above $152 and the 100-hour straightforward moving average.
- A key bullish trend line is forming on the hourly chart of the SOL/USD pair with support at $150 (data source from Kraken).
- The pair could gain bullish momentum again if it breaks through the resistance zone at $158.
Solana Price has more advantages
Solana price extended its rally above the $150 resistance like Bitcoin and Ethereum. SOL even climbed above $155 before the bears emerged. The highest level was formed at $1,582 and the price began a downward correction.
There was a move below the $156 and $155 levels. The price fell below the 23.6% Fib retracement level, the result of an upward move from a low of $146 to a high of $158. However, bulls were vigorous near the support zone at $154.
Solana is currently trading above $152 and the 100-hour straightforward moving average. A key bullish trend line is also forming on the hourly chart of SOL/USD with support at $150. It is close to the 61.8% Fib retracement level, which is an upward movement from a low of $146 to a high of $158.
On the other hand, 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 pace for another sustained rally. The next key resistance is around $174. Any further gains could push the price towards the $180 level.
More flaws in SOL?
If SOL fails to break above the resistance at $158, another decline could begin. Initial downside support is near the $153 level. The first major support is near the $150 level.
A break below the $150 level could push the price towards the $145 zone. If a close occurs below the $145 support, the price may drop towards the $138 support in the near future.
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.
Main support levels – $153 and $150.
Major resistance levels – $158 and $162.
