Solana's price is steadily rising, targeting $150.
The price of Solana (SOL) is steadily consolidating above the $135 support level, gradually breaking upwards. Like Bitcoin and Ethereum, SOL has initiated a new upward trend. The price once surged to the $155 resistance level and is currently seeking further breakthroughs.
As the price retraces to around $145, SOL begins to oscillate above the 23.6% Fibonacci retracement level between the swing high of $153.30 and the low of $145.54, indicating potential support strength in the market.
Technical aspect: The game between resistance and support levels.
Solana's current trading price is slightly below $152 and has fallen below the 100-hour simple moving average. On the hourly chart, SOL/USD has formed a short-term contracting triangle, with $152 being a key resistance level.
If the price successfully breaks above the resistance levels of $150 and $152, it may further push up to the $155 and $165 region. Conversely, if it fails to break through these key resistances, SOL may enter a correction mode.
Downside risk: Support level must hold steady.
If Solana fails to break above $150, it may open a new round of downward correction. Initial support is at $147, followed by $145. If it breaks below $145, SOL may continue to fall to $138, or even briefly drop to $132.
Technical indicators
Hourly MACD: The MACD for SOL/USD is in the bullish zone but is losing upward momentum.
Hourly RSI: SOL's RSI is below 50, indicating slightly weakened buying momentum in the short term.
Support levels: $147, $145
Resistance levels: $150, $155
