Solana (SOL) Sideways But Bullish — Surge May Be Imminent

Solana started a fresh increase from the $142 support zone. SOL price is now consolidating and might climb further above the $155 resistance zone.

• SOL price started a fresh increase above the $140 and $142 levels against the US Dollar.
• The price is now trading above $145 and the 100-hourly simple moving average.
• There is a short-term contracting triangle forming with resistance at $152 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The pair could start a fresh increase if it clears the $155 resistance zone.

Solana Price Consolidates Gains

Solana price formed a base above the $135 support and started a fresh increase, like Bitcoin and Ethereum. SOL gained pace for a move above the $140 and $142 resistance levels.

The pair even spiked toward the $155 resistance zone. A high was formed at $153.30 before there was a pullback. The price dipped below $150. A low was formed at $145 and the price started a consolidation phase above the 23.6% Fib retracement level of the downward move from $153.30 swing high to the $145.54 low.

Solana is now trading below $152 and the 100-hourly simple moving average. There is also a short-term contracting triangle forming with resistance at $152 on the hourly chart of the SOL/USD pair.

On the upside, the price is facing resistance near the $149.50 level. The next major resistance is near the $150 level. The main resistance could be $152 and the 76.4% Fib retracement level of the downward move from $153.30 swing high to the $145.54 low.

A successful close above the $152 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.

Downside Correction in SOL?

If SOL fails to rise above the $150 resistance, it could start another decline. Initial support on the downside is near the $147 zone. The first major support is near the $145 level.

A break below the $145 level might send the price toward the $138 zone. If there is a close below the $138 support, the price could decline toward the $132 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $147 and $145.

Major Resistance Levels – $150 and $155.