SOL Price Breaks $150 – Why Solana Could Soon Test $180

Aayush Jindal

1 year ago

2 mins read

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Solana is gaining bullish momentum above $150. SOL price is showing positive signs, and it could even surpass the $162 resistance in the near term.

SOL price started a fresh increase 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 source from Kraken).
The pair could continue to rally if it clears the $156 and $162 resistance levels.

Solana Price Starts Fresh Rally

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

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

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

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 $152.86 swing high to the $137.25 low. A successful close above the $162.50 resistance could set the pace for another major increase. The next key resistance is near $175. Any more gains might send the price toward the $180 level.

Are Dips Limited in SOL?

If SOL fails to rally above the $162.50 resistance, it could start a downside 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 $138.00 support, the price could decline toward the $128.00 support or the 100 simple moving average (4 hours) in the near term.

Technical Indicators

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

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

Major Support Levels – $152.80, and $162.50.

Major Resistance Levels – $150, $142, and $138.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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