Solana (SOL) Accelerates Higher, All Eyes on a Key Upside Level

[Ben Graham]

Solana started a fresh increase above the $140 zone. SOL price is now consolidating above $140 and might aim for more gains above the $145 zone.

• SOL price started a fresh upward move above the $140 and $142 levels against the US Dollar.
• The price is now trading above $140 and the 100-hourly simple moving average.
• There is a bullish trend line forming with support at $138 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The pair could extend gains if it clears the $145 resistance zone.

Solana Price Outperforms Bitcoin

Solana price started a decent increase after it settled above the $132 zone, outperforming Bitcoin and Ethereum. SOL climbed above the $138 level to enter a short-term positive zone.

The price even smashed the $140 resistance. The bulls were able to push the price above $142. A high was formed at $144, and the price is now consolidating gains above the 23.6% Fib retracement level of the recent upward move from the $135 swing low to the $144 high.

Solana is now trading above $142 and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $138 on the hourly chart of the SOL/USD pair.

On the upside, the price is facing resistance near $144. The next major resistance is near the $145 level. The main resistance could be $150. A successful close above the $150 resistance zone could set the pace for another steady increase. The next key resistance is $162. Any more gains might send the price toward the $170 level.

Downside Correction In SOL?

If SOL fails to rise above the $145 resistance, it could start another decline. Initial support on the downside is near the $142 zone. The first major support is near the $140 level or the 50% Fib retracement level of the recent upward move from the $135 swing low to the $144 high.

A break below the $140 level might send the price toward the $138 support zone and the trend line. If there is a close below the $138 support, the price could decline toward the $132 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

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

Major Support Levels – $140 and $138.

Major Resistance Levels – $145 and $150.