Solana Price (SOL) Aims for a Breakout Up: Will It Hit Up-to-date Monthly Highs?

Solana has started a steady rise above the $155 zone. SOL price is signaling a decent rally above the $162 and $165 resistance levels.

SOL price started a clear upward movement above the resistance level of $155 against the US dollar.
The price is currently holding above $158 and the 100-hour basic moving average.
On the hourly chart of the SOL/USD currency pair, a key uptrend line is forming with support at USD 159 (data source: Kraken).
The pair may attempt further growth if it breaks through the resistance level of USD 162.50.

Solana price remains in an upward trend

Solana price remained in positive territory above $145 and continued to rise above $150. SOL is forming a base and looking for further gains while Bitcoin and Ethereum are correcting gains.

There was a move above the $158 level. The price broke above the 50% Fibonacci retracement level of the recent decline from the $164.90 high to the $154.85 low. A key bullish trendline is also forming on the hourly chart of the SOL/USD pair with support at $159.

Solana is now trading above the $158 level and the 100-hour basic moving average. On the upside, the price could face resistance near the $162.50 level. It is near the 76.4% Fibonacci retracement level of the recent decline from the $164.90 high to the $154.85 low.

The next major resistance is near $165. A successful close above $165 could set the pace for another solid rally. The next key resistance is near $172. Any further gains could send the price towards $180.

Does SOL support DIPs?

If SOL fails to break above the resistance of $162.50, it could begin a downside correction. Initial support on the downside is near the $160 level. The first major support is near the $158 level and the trendline.

A break of the $158 level could see the price rally towards $155. If a close occurs below the $155 support, the price could decline towards the $150 support in the near future.

Technical indicators

Hourly MACD – MACD for the SOL/USD pair is gaining momentum in the growth zone.

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

Major support levels – $158 and $155.

Major resistance levels – $162.50 and $165.