Solana (SOL) started a fresh increase above the $150 resistance. The price is showing bullish signs and might soon aim for a move above $165.
Solana Price Signals Key Upside Break
In the last technical analysis, we discussed the chances of an upside break if Solana stays above the $125 support zone. The bulls did remain in action and managed to push the price above the $145 and $150 resistance levels. More importantly, the price cleared the declining channel/bullish flag pattern (as discussed in the previous analysis) on the daily chart.
It opened the doors for more gains, but SOL price is now facing another hurdle at $155 and the 50-day simple moving average (blue). The bears seem to be protecting the 50% Fib retracement level of the downward move from the $187 swing high to the $126 low.
Solana is now showing positive signs like Bitcoin and might soon attempt another increase. Immediate resistance is near the $155 level and the 50-day simple moving average (blue).
A clear move above the 50-day simple moving average (blue) could spark bullish moves and start a fresh surge. The first major hurdle is near the 61.8% Fib retracement level of the downward move from the $187 swing high to the $126 low at $164.
A convincing move above the $164 resistance could easily send the price toward the $175 level. The next key resistance could be $188. A daily close above the $188 resistance level could open the doors for a medium-term uptrend. In the stated case, the price could rise and revisit the $200 resistance. Any more gains might send the price toward the $220 level in the coming days.
Another Pullback In SOL?
If Solana remains below $155, there could be a short-term pullback. Immediate support is near the $148 level and the same channel trend line. The first major support sits near the $140 level.
If there is a close below the $140 support, the price might dive and test the $126 support. If the bulls fail to protect the $126 support, there could be an increase in selling pressure. In the stated case, the price could dive and test $116. Any more losses could send SOL toward the $102 support zone in the near term.
Overall, Solana price is gaining pace above the $148 support level. To continue higher and gain momentum, SOL price must settle above the $155 and $165 resistance levels. If not, the price could start another decline and visit the $140 support.