Solana (SOL) Stagnant Yet Optimistic — Price Surge Likely Ahead

Solana has initiated a new rise stemming from the $142 support level. The SOL price is currently in a phase of consolidation, with potential to surpass the $155 resistance threshold.

• The SOL price has begun a renewed upward trend exceeding the $140 and $142 marks against the US Dollar.
• It is currently trading above $145 alongside the 100-hour simple moving average.
• A contracting triangle pattern is forming, with resistance located at $152 on the hourly chart for the SOL/USD pair.
• Should the price breach the $155 resistance barrier, it could initiate another upward rally.

Solana Price Shows Consolidation of Gains

The price of Solana established a foundation above the $135 support and embarked on a new ascent, similar to trends seen in Bitcoin and Ethereum. SOL accelerated past the $140 and $142 resistance levels.

The price even surged near the $155 resistance area, hitting a peak of $153.30 before experiencing a retracement. It subsequently fell below $150, setting a low at $145 and entering a consolidation phase above the 23.6% Fibonacci retracement level of the decline from a high of $153.30 to a low of $145.54.

At present, Solana is trading under $152 and below the 100-hour simple moving average. The aforementioned contracting triangle with a resistance at $152 is visible on the hourly chart for the SOL/USD pair.

On the upside, resistance is encountered near the $149.50 region. The next significant hurdle is around the $150 mark, with primary resistance potentially at $152 and the 76.4% Fibonacci level related to the decrease from $153.30 to $145.54.

A decisive close above the $152 resistance could pave the way for another consistent rise. The next critical resistance level is at $155, and any further increases might push the price towards the $165 mark.

Is There a Potential Downward Correction for SOL?

If SOL struggles to break above the $150 resistance, it may trigger a new decline. The initial downside support can be found around the $147 area, with a major support level near $145.

A drop below the $145 support could direct the price towards the $138 zone. Should it close beneath the $138 level, a decline towards $132 may follow in the near future.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is losing momentum in the bullish territory.

Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is currently situated below the 50 mark.

Major Support Levels – $147 and $145.

Major Resistance Levels – $150 and $155.