SOL Price Regains Strength, Can Solana Reclaim $150 and Continue Higher?

Aayush Jindal

Last Updated: June 11, 2024 2:45 pm

2 mins read

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Solana started a fresh increase above the $142 resistance. SOL price is up nearly 8% and might continue to rise if it clears the $150 resistance.

SOL price recovered higher and tested the $150 resistance against the US Dollar.
The price is now trading above $1452 and the 100 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance at $144 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
The pair could clear the $150 resistance unless it fails to stay above $146.

Solana Price Eyes More Upsides

Solana price formed a support base near the $138 level and started a fresh increase. SOL outperformed Bitcoin and Ethereum and moved into a positive zone above the $144 level.

There was a break above a key bearish trend line with resistance at $144 on the 4-hour chart of the SOL/USD pair. The pair even cleared the 50% Fib retracement level of the downward wave from the $154.40 swing high to the $138.00 low.

However, the bears are active near the key hurdle at $150. Solana is now trading above $145 and the 100 simple moving average (4 hours). Immediate resistance is near the $150 level or the 76.4% Fib retracement level of the downward wave from the $154.40 swing high to the $138.00 low.

Solana Sol Price — Source: SOLUSD on TradingView.com

The next major resistance is near the $155 level. A successful close above the $155 resistance could set the pace for another major 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 rally above the $150 resistance, it could start another decline. Initial support on the downside is near the $146 level and the 100 simple moving average (4 hours).

The first major support is near the $142 level, below which the price could test $138. If there is a close below the $138 support, the price could decline toward the $125 support 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 – $146, and $142.

Major Resistance Levels – $150, $155, and $162.

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.

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