Home CryptocurrencyAnalysis SOL Price Surpasses $150: Why Solana Could Soon Test $180

SOL Price Surpasses $150: Why Solana Could Soon Test $180

by SuperiorInvest

Solana is gaining bullish momentum above $150. SOL price is showing positive signs and might even break the $162 resistance in the near term.

  • SOL price started a fresh rise from the $138 support against the US Dollar.
  • The price is now trading above $150 and the 100 simple moving average (4-hours).
  • There is a connecting bullish trend line forming with support at $140 on the 4-hour chart of the SOL/USD pair (data feed from Kraken).
  • The pair could continue to rise if it breaks the $156 and $162 resistance levels.

Solana price begins a new rally

Solana price formed a base above the $130 support zone and recently started a fresh rise. There was a decent rise above the $135 and $145 levels.

The price is up almost 10% and there was a move above the $150 level, like Bitcoin and Ethereum. The bulls pushed the price above the 76.4% Fibonacci retracement level of the downward move from the high of $152.86 to the low of $137.25.

Solana is now trading above $150 and the 100 simple moving average (4-hours). There is also a connecting bullish trend line forming with support at $140 on the 4-hour chart of the SOL/USD pair.

Source: SOLUSD on TradingView.com

The immediate resistance is near the $156.50 level. The next major resistance is near the $162.50 level or the 1.618 Fib Extension level of the downward move from the high of $152.86 to the low of $137.25. A successful close above the $162.50 resistance could set the pace for another major rise. The next key resistance is near $175. Any further gains could send the price towards the $180 level.

Are drops limited in SOL?

If SOL fails to overcome the $162.50 resistance, it could start a downward correction. Initial support on the downside is near the $150 level.

The first major support is near the $142.00 level, below which the price could test $138.00 and the trend line. If there is a close below the support at $138.00, the price could fall towards the support at $128.00 or the 100 simple moving average (4-hours) in the near term.

Technical Indicators

4-hour MACD: The MACD for SOL/USD is gaining pace in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Main support levels: $152.80 and $162.50.

Main resistance levels: $150, $142 and $138.

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

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