Solana Rallies Past Bitcoin—Momentum Tilts In Favor of SOL

Solana started a fresh increase from the $120 support zone. SOL price is now consolidating and might climb further above the $142 resistance zone.

• SOL price started a fresh increase above the $125 and $132 levels against the US Dollar.
• The price is now trading above $130 and the 100-hourly simple moving average.
• There is a connecting bullish trend line forming with support at $137 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The pair could start a fresh increase if it clears the $142 resistance zone.

Solana Price Gains Over 5%

Solana price formed a base above the $120 support and started a fresh increase, like Bitcoin and Ethereum. SOL gained pace for a move above the $125 and $132 resistance levels.

The pair even spiked toward the $145 resistance zone. A high was formed at $143.06 and the price is now retreating lower. There was a move below the 23.6% Fib retracement level of the upward move from the $135 swing low to the $143 high.

Solana is now trading above $130 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $137 on the hourly chart of the SOL/USD pair. The trend line is close to the 76.4% Fib retracement level of the upward move from the $135 swing low to the $143 high.

On the upside, the price is facing resistance near the $142 level. The next major resistance is near the $145 level. The main resistance could be $150. A successful close above the $150 resistance zone could set the pace for another steady increase. The next key resistance is $155. Any more gains might send the price toward the $165 level.

Pullback in SOL?

If SOL fails to rise above the $142 resistance, it could start another decline. Initial support on the downside is near the $138.50 zone. The first major support is near the $137 level and the trend line.

A break below the $137 level might send the price toward the $132 zone. If there is a close below the $132 support, the price could decline toward the $125 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 – $137 and $132.

Major Resistance Levels – $142 and $145.

Source