Solana tested the $138 zone before the recovery wave began. SOL price needs to clear the $150 and $155 resistance levels to begin a steady rally.

• SOL price expects an upward break above the $150 resistance against the US dollar.
• The price is currently above $145 and the 100-hour uncomplicated moving average.
• A connecting bullish trendline is forming on the hourly chart of SOL/USD with support at $146 (data source from Kraken).
• The pair could break through the resistance at $152.50, starting a short-term uptrend.

Solana’s price is expected to augment steadily

Solana price extended losses below the $150 level, as did Bitcoin and Ethereum. SOL even fell below the support at $142 before bulls emerged near the $138 level. The low formed at $138.01 and the price has recently started a decent rally.

The price was able to overcome the resistance levels of $142 and $145. There has been a move above the 50% Fib retracement level as part of a move down from the $161.89 high to the $138.01 low. Solana is currently trading above $145 and the 100-hour uncomplicated moving average. A connecting bullish trend line is also forming on the hourly chart of SOL/USD with support at $146.

Immediate resistance is near the $150 level. The next major resistance is located near the $152.50 level or the 61.8% Fib retracement level in a move down from the $161.89 high to the $138.01 low.

A successful close above the resistance at $152.50 could set the pace for another significant rally. The next key resistance is around $156.50. Any further gains could push the price towards the $160 level.

Another SOL decline?

If SOL fails to break above the resistance at $152.50, another decline could begin. Initial downside support is located near the $145 level and the trend line.

The first major support is located near the $142 level, below which the price may test $138. If a close occurs below the $132 support, the price may drop towards the $125 support in the near future.

Technical indicators

Hourly MACD – MACD for SOL/USD is losing momentum in the bullish zone.

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

Main support levels – $145 and $142.

Major resistance levels – $152.50, $156.50 and $160.