Solana (SOL) Reclaims $150: Is The Rally Back On?

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Solana climbed higher above the $140 resistance zone. SOL price is rising and might gain bullish momentum if it clears the $155 resistance.

• SOL price is attempting a fresh increase above the $142 pivot level against the US Dollar.
• The price is now trading above $148 and the 100-hourly simple moving average.
• There is a key bullish trend line forming with support at $147.50 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The pair could gain bullish momentum if it breaks the $155 resistance zone.

Solana Price Regains Traction

Solana price climbed above the $138 and $140 levels. SOL gained pace after there was a close above the $145 resistance level, like Bitcoin and Ethereum. Finally, the bulls pushed the price above the $150 level.

A high was formed at $153.22 and the price is now consolidating gains. There was a minor pullback below the $152 level. The price tested the 23.6% Fib retracement level of the upward move from the $144.40 swing low to the $153.22 high.

Solana is now trading above $145 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $147.50 on the hourly chart of the SOL/USD pair.

On the upside, the price is facing resistance near the $153.50 level. The next major resistance is near the $155 level. The main resistance could be $158.

Source: SOLUSD on TradingView.comA successful close above the $155 and $158 resistance levels could set the pace for another steady increase. The next key resistance is near $162. Any more gains might send the price toward the $175 level.

Another Decline in SOL?

If SOL fails to rise above the $155 resistance, it could start another decline. Initial support on the downside is near the $150 level. The first major support is near the $147.50 level or the trend line. It is close to the 61.8% Fib retracement level of the upward move from the $144.40 swing low to the $153.22 high.

A break below the $147.50 level might send the price toward the $144.50 zone. If there is a close below the $144.50 support, the price could decline toward the $138 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 – $147.50 and $144.40.

Major Resistance Levels – $155 and $162.