Solana
Solana (SOL) Price Hits $150: Market Dips Look Tempting
Solana (SOL) Price Hits $150
Solana has started a steady rise above the $135 area. SOL price has broken the $150 resistance and is now consolidating its gains.
- SOL price started a decent bullish move above the $135 resistance against the US Dollar.
- The price is now trading above $145 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $147 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could correct lower, but bulls could remain active near $147 or $143.
Solana price climbs more than 5%
Solana price managed to start a fresh increase above the $125 pivot level. SOL gained momentum for a move above the $132 and $135 resistance levels, as Bitcoin And Ethereum.
The price even broke the $145 resistance and surged above the $150 mark. A high was formed at $152.05 and the price is now consolidating its gains. It is trading well above the 23.6% Fibonacci retracement level of the upward move from the $134 swing low to $152 high.
Solana is now trading above the $145 level and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $147 on the hourly chart of the SOL/USD pair.
On the upside, the price could face resistance near the $152 level. The next major resistance lies near the $155 level. A successful close above the $155 resistance could set the tone for another steady rise. The next key resistance lies near $165. Any further gains could send the price towards the $172 level.
Are the dips limited in SOL?
If SOL fails to break above the $152 resistance, it could trigger a downward correction. The initial support on the downside is near the $150 level. The first major support is near the $147 level and the trend line.
A break below the $147 level could push the price towards $143 or the 50% Fibonacci retracement level of the upward move from the $134 low to $152 high. If there is a close below the $143 support, the price could decline towards the $138 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining ground in the bullish zone.
Hourly Relative Strength Index (RSI) – The RSI for SOL/USD is above the 50 level.
Key support levels – $147 and $143.
Key resistance levels – $152 and $155.