Solana climbed higher above the $140 resistance zone. SOL price is rising and could gain bullish momentum if it breaks through the resistance at $155.

• SOL price is trying a fresh rally above the pivot level of $142 against the US dollar.
• The price is currently above $148 and the 100-hour plain moving average.
• A key bullish trend line is forming on the hourly chart of SOL/USD with support at $147.50 (data source from Kraken).
• The pair could gain bullish momentum if it breaks the resistance zone at $155.

Solana Price is regaining traction

Solana’s price rose above the $138 and $140 levels. SOL gained momentum after closing above the $145 resistance level like Bitcoin and Ethereum. Ultimately, the bulls pushed the price above the $150 level.

The maximum was formed at USD 153.22 and the price is currently consolidating its increases. There was a slight pullback below the $152 level. The price was testing the 23.6% Fib retracement level in an upward move from a low of $144.40 to a high of $153.22.

Solana is currently trading above $145 and the 100-hour plain moving average. A key uptrend line is also forming on the hourly chart of SOL/USD with support at $147.50.

On the other hand, 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.

A successful close above the $155 and $158 resistance levels could set the pace for another sustained rally. The next key resistance is around $162. Any further gains could push the price towards the $175 level.

Another SOL decline?

If SOL fails to break above the resistance at $155, another decline could begin. Initial downside support is near the $150 level. The first major support is located near the $147.50 level or trend line. It is close to the 61.8% Fib retracement level, an upward move from a low of $144.40 to a high of $153.22.

A break below the $147.50 level could push the price towards the $144.50 zone. If a close occurs below the support at $144.50, the price may drop towards the support at $138 in the near future.

Technical indicators

Hourly MACD – MACD for SOL/USD is gaining momentum in the bullish zone.

Hourly 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.