Solana (SOL) started a consolidation phase above the $145 zone. The price is facing a major hurdle at $155, above which it could start a strong surge.
Solana Price Aims To Claim Key Hurdle
In the last technical analysis, we saw a decent increase in Solana above the $132 pivot level. The price gained pace for a move above the $142 and $145 resistance levels. However, gains were limited compared to Bitcoin.
The bulls were able to push the price above $150 but faced hurdles near the $155 resistance. It seems like the price failed to clear the 50% Fib retracement level of the downward move from the $187 swing high to the $126 low.
Solana is now consolidating above the $145 support level and below the 50-day simple moving average (blue). More importantly, there is a key bearish trend line forming with resistance at $155 on the daily chart.
A clear move above the 50-day simple moving average (blue) and the trend line 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.
If there is a daily close above the $164 resistance, the price could drift toward the $172 level. The next key resistance could be $180, above which the bulls could aim for a test of $188. Any more gains might send the price toward the $220 level in the coming days. It is close to the 1.236 Fib extension level of the downward move from the $187 swing high to the $126 low.
Another Decline In SOL?
If Solana remains below $155 and the 50-day simple moving average (blue), there could be a short-term pullback. Immediate support is near the $148 level. The first major support sits near the $142 level.
If there is a close below the $142 support, the price might dive and test the $132 pivot level. If the bulls fail to protect the $132 support, there could be a drop toward the $126 support zone. Any more losses could send SOL toward the $115 support zone in the near term.
Overall, Solana price is consolidating below the key barrier at $155. To continue higher and gain momentum, SOL price must settle above the $155 and $164 resistance levels. If not, the price could start another decline and test the $132 support.