Solana started a new rally above the $150 resistance level. SOL price has risen by about 15% and may continue to rise if it crosses the $165 resistance level.
- SOL price recovered higher and tested the $162 resistance level against the US Dollar.
- The price is now trading above the $150 level and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance at $148 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair can surpass the $165 resistance level unless it fails to stay above $158.
Solana price starts new high
Solana price formed a support base near the $138 level and started a new rise. SOL outperformed Bitcoin and Ethereum and moved into positive territory above the $150 level.
There was a break above the major downtrend line with resistance at $148 on the hourly chart of the SOL/USD pair. The pair faced resistance at $155 and rose above $162. A new weekly high was formed at $163.76, and the price is now consolidating its gains.
It holds the 23.6% Fib retracement level of the upward move from the swing low of $141 to the swing high of $164. Solana is now trading above $160 and the 100 simple moving average (4-hours).
Immediate resistance is near the $165 level. The next major resistance is near the $172 level. A successful close above the $172 resistance level could pave the way for another significant increase. The next major resistance is near $180. Any further gains could push the price towards the $188 level.
Are dips supported in SOL?
If SOL fails to rise above the $160 resistance level, it may start a downward correction. Initial support on the downside is near the $158 level. The first major support is near the $152 level.
The 50% Fib retracement level of the upward move from the swing low of $141 to the high of $164 is also located at $152, which could test the price below $150. If there is a close below the $150 support level, the price may fall towards the $138 support level in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key Support Levels – $158 and $152.
Major resistance levels – $165, $172, $180.