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Solana (SOL) Escapes Resistance Zone, Rally Pressure Intensifies

Solana began a recent enhance above the $142 zone. SOL value is now consolidating above $142 and may intention for extra positive aspects above the $150 zone.

  • SOL value began a recent upward transfer above the $142 and $145 ranges towards the US Dollar.
  • The value is now buying and selling above $142 and the 100-hourly easy shifting common.
  • There is a bullish development line forming with help at $140 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
  • The pair might prolong positive aspects if it clears the $150 resistance zone.

Solana Price Starts Fresh Surge

Solana value began a good enhance after it settled above the $135 zone, like Bitcoin and Ethereum. SOL climbed above the $140 degree to enter a short-term optimistic zone.

The value even smashed the $142 resistance. The bulls had been capable of push the value above $145. A high was shaped at $148, and the value is now consolidating positive aspects. There was a minor decline beneath the 23.6% Fib retracement degree of the latest upward transfer from the $138 swing low to the $148 high.

Solana is now buying and selling above $142 and the 100-hourly easy shifting common. Besides, there’s a bullish development line forming with help at $140 on the hourly chart of the SOL/USD pair.

On the upside, the value is dealing with resistance close to $148. The subsequent main resistance is close to the $150 degree. The essential resistance may very well be $155. A profitable shut above the $155 resistance zone might set the tempo for one more regular enhance. The subsequent key resistance is $162. Any extra positive aspects may ship the value towards the $170 degree.

Downside Correction In SOL?

If SOL fails to rise above the $148 resistance, it might begin one other decline. Initial help on the draw back is close to the $144 zone. The first main help is close to the $143 degree or the 50% Fib retracement degree of the latest upward transfer from the $138 swing low to the $148 high.

A break beneath the $143 degree may ship the value towards the $140 help zone and the development line. If there’s a shut beneath the $140 help, the value might decline towards the $135 help within the close to time period.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.

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

Major Support Levels – $144 and $140.

Major Resistance Levels – $148 and $150.

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