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Solana (SOL) Accelerates Higher, All Eyes on a Key Upside Level

Solana began a recent enhance above the $140 zone. SOL value is now consolidating above $140 and may purpose for extra positive aspects above the $145 zone.

  • SOL value began a recent upward transfer above the $140 and $142 ranges towards the US Dollar.
  • The value is now buying and selling above $140 and the 100-hourly easy shifting common.
  • There is a bullish pattern line forming with help at $138 on the hourly chart of the SOL/USD pair (information supply from Kraken).
  • The pair might prolong positive aspects if it clears the $145 resistance zone.

Solana Price Outperforms Bitcoin

Solana value began a respectable enhance after it settled above the $132 zone, outperforming Bitcoin and Ethereum. SOL climbed above the $138 stage to enter a short-term optimistic zone.

The value even smashed the $140 resistance. The bulls had been in a position to push the value above $142. A high was shaped at $144, and the value is now consolidating positive aspects above the 23.6% Fib retracement stage of the current upward transfer from the $135 swing low to the $144 high.

Solana is now buying and selling above $142 and the 100-hourly easy shifting common. Besides, there may be a bullish pattern line forming with help at $138 on the hourly chart of the SOL/USD pair.

On the upside, the value is dealing with resistance close to $144. The subsequent main resistance is close to the $145 stage. The fundamental resistance might be $150. A profitable shut above the $150 resistance zone might set the tempo for an additional regular enhance. The subsequent key resistance is $162. Any extra positive aspects may ship the value towards the $170 stage.

Downside Correction In SOL?

If SOL fails to rise above the $145 resistance, it might begin one other decline. Initial help on the draw back is close to the $142 zone. The first main help is close to the $140 stage or the 50% Fib retracement stage of the current upward transfer from the $135 swing low to the $144 high.

A break under the $140 stage may ship the value towards the $138 help zone and the pattern line. If there may be a shut under the $138 help, the value might decline towards the $132 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 stage.

Major Support Levels – $140 and $138.

Major Resistance Levels – $145 and $150.

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