Coinspeaker
Solana Price Eyes New Rally with Potential Break Above $162
Solana (SOL) is showing signs of another upward move after recently climbing above key resistance levels. The cryptocurrency has successfully surpassed the $150 and $155 resistance levels, indicating that a new rally might be imminent if SOL can clear the $162 resistance zone.
Solana Advances Past $155
Solana price has seen a steady increase after finding support at the $150 level. The cryptocurrency broke through the $155 resistance, driven by strong buying interest, and even touched the $162 mark. Although the price has seen a slight pullback, dipping below $160, it found support at the 23.6% Fibonacci retracement level, which is calculated from the recent swing low of $138 to the swing high of $162. This suggests that the overall market sentiment remains positive.
Currently, SOL is trading above $155 and is supported by a crucial bullish trend line of around $158 on the hourly chart of the SOL/USD pair. Additionally, it is situated above the 100-hourly simple moving average, reinforcing the positive outlook. These technical signals indicate that Solana could see further gains, assuming it can break through the immediate resistance levels.
Credit: TradingView
Key Resistance Levels to Watch
Solana’s immediate hurdle is the $162 resistance. Clearing this level could open the door for further gains, with the subsequent resistance at $165. Should SOL close above $165, it might trigger a more notable rally, potentially driving the price up to $178. Persistent upward momentum could even push the price to $184, setting a new peak.
Conversely, if Solana fails to surpass the $162 resistance, it could experience a correction. Initial support is at $158, where it aligns with the bullish trend line. A further decline might test the $155 support level. If this level is breached, the price could drop to $148, which corresponds to the 61.8% Fibonacci retracement level. Continued weakness could drive SOL down to the $135 support level.
Technical Indicators and Future Outlook
The technical indicators currently favor a bullish scenario. The hourly MACD for SOL/USD is gaining momentum, and the RSI remains above the 50 level, indicating that the market is still inclined toward buying.
However, it’s important to watch for any potential shifts in momentum. If Solana fails to maintain its current support levels, it could face downward pressure. Nevertheless, with strong support levels and a positive market outlook, Solana appears to be in a good position for a potential breakout above $162.
As the market continues to evolve, Solana’s price action will likely reflect broader cryptocurrency trends. If SOL can clear its current resistance, it could see substantial gains, solidifying its position as a leading cryptocurrency.
