Solana’s Price Rally Continues
Solana has embarked on a promising rally, moving above the $140 mark. Currently, the SOL price remains stable, showing potential for further gains above $145.
- Recently, SOL’s price initiated a rally, surpassing both the $140 and $142 levels against the US dollar.
- The current trading price is above $140, as well as the 100-hour simple moving average.
- An upward trend line is forming on the hourly chart of the SOL/USD pair, with support located at $138 (source: Kraken).
- If it breaks through the $145 resistance, the price could rise even higher.
Solana Outperforms Major Cryptocurrencies
After establishing itself above the $132 mark, Solana’s price entered a solid rally, even outpacing Bitcoin and Ethereum. It broke through the $138 barrier, marking a positive shift.
The price has exceeded the $140 resistance, with buyers pushing it past $142. A maximum of $144 was reached, and the price has since settled above the 23.6% Fibonacci retracement level from the recent bull run, spanning from the $135 low to the $144 high.
Currently, Solana trades above $142 and its 100-hour simple moving average. The bullish trend line on the hourly chart continues to support prices around $138.
On the upside, Solana faces resistance near $144, with the next significant hurdle being around $145. Should it close above $150, it might initiate a more sustained ascent. Further resistance could appear at the $162 mark, and any increase beyond that could push prices toward $170.
Possibility of a Price Correction
If SOL can’t breach the $145 threshold, we might see a decline. The first support level is around $142, with a more significant level at $140, coinciding with the 50% Fibonacci retracement from the $135 swing low to the $144 high.
Should the price drop below $140, it could approach the $138 support zone and its trend line. A closure beneath this could lead to a fall toward the $132 support in the near term.
Overall, the technical indicators are showing some interesting signals.
Hourly MACD – Indicates a bullish trend for SOL/USD.
Hourly RSI (Relative Strength Index) – Stays above the 50 level.
Major support levels – $140 and $138.
Key resistance levels – $145 and $150.
