Solana has begun a new rally from the support level of $142. The SOL price is currently consolidating and may further break through the resistance level of $155.
The SOL price against the US dollar has started to rise again, breaking through the levels of $140 and $142.
The current price is above $145 and the 100-hour simple moving average.
A short-term contracting triangle has formed on the hourly chart for SOL/USD, with resistance at $152 (data source: Kraken).
If it breaks through the resistance zone of $155, the currency pair may start a new round of rally.
Solana price consolidates gains.
The Solana price has formed a bottom above the support level of $135 and has begun a new rally like Bitcoin and Ethereum. SOL is expected to break through the resistance levels of $140 and $142.
The currency pair even surged to the resistance level of $155. The price formed a high at $153.30, followed by a pullback. The price then fell below $150. The low formed at $145 and began to consolidate above the 23.6% Fibonacci retracement level from the downtrend between the swing high of $153.30 and the swing low of $145.54.
The current trading price of Solana is below $152 and the 100-hour simple moving average. A short-term contracting triangle has also formed on the hourly chart for SOL/USD, with resistance at $152.
On the upside, the price faces resistance near $149.50. The next major resistance level is around $150. Major resistance levels may be at $152 and the 76.4% Fibonacci retracement level from the downtrend between the swing high of $153.30 and the swing low of $145.54.
If it successfully closes above the resistance level of $152, it may lay the foundation for the next steady rise. The next key resistance level is $155. If it continues to rise, the price may drop towards $165.
Downward correction in SOL?
If SOL fails to break through the resistance level of $150, it may initiate a new round of decline. On the downside, initial support is near $147. The first major support level is around $145.
A drop below the level of $145 may push the price down towards the $138 area. If the closing price falls below the support level of $138, the price may drop towards the support level of $132 in the short term.
Technical Indicators
Hourly MACD - The MACD for SOL/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI for SOL/USD is below the 50 level.
Major support levels - $147 and $145.
Major resistance levels - $150 and $155.
