16 May 2024
Solana started a fresh increase above the $150 resistance. SOL price is up nearly 15% and might continue to rise if it clears the $165 resistance.
SOL price recovered higher and tested the $162 resistance against the US Dollar.
The price is now trading above $150 and the 100-hourly simple moving average.
There was a break above a key bearish trend line with resistance at $148 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could clear the $165 resistance unless it fails to stay above $158.
Solana Price Starts Fresh Surge
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 $150 level.
There was a break above a key bearish trend line with resistance at $148 on the hourly chart of the SOL/USD pair. The pair even $155 resistance and spiked above $162. A new weekly high was formed at $163.76, and the price is now consolidating gains.
It is holding the 23.6% Fib retracement level of the upward move from the $141 swing low to the $164 high. Solana is now trading above $160 and the 100 simple moving average (4 hours).
Immediate resistance is near the $165 level. The next major resistance is near the $172 level. A successful close above the $172 resistance could set the pace for another major increase. The next key resistance is near $180. Any more gains might send the price toward the $188 level.
Are Dips Supported in SOL?
If SOL fails to rally above the $160 resistance, it could start a downside correction. Initial support on the downside is near the $158 level. The first major support is near the $152 level.
The 50% Fib retracement level of the upward move from the $141 swing low to the $164 high is also at $152, below which the price could test $150. If there is a close below the $150 support, the price could decline toward the $138 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $158, and $152.
Major Resistance Levels – $165, $172, and $180.