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30 May 2024
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Price Analysis

SOL Price Regains Strength, Can Solana Reclaim $150 and Continue Higher?

Solana started a fresh increase above the $142 resistance. SOL price is up nearly 8% and might continue to rise if it clears the $150 resistance.

  • SOL price recovered higher and tested the $150 resistance against the US Dollar.
  • The price is now trading above $1452 and the 100 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance at $144 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
  • The pair could clear the $150 resistance unless it fails to stay above $146.

Solana Price Eyes More Upsides

Solana price formed a support base near the $138 level and started a fresh increase. SOL outperformed Bitcoin and Ethereum and moved into a positive zone above the $144 level.

There was a break above a key bearish trend line with resistance at $144 on the 4-hour chart of the SOL/USD pair. The pair even cleared the 50% Fib retracement level of the downward wave from the $154.40 swing high to the $138.00 low.

However, the bears are active near the key hurdle at $150. Solana is now trading above $145 and the 100 simple moving average (4 hours). Immediate resistance is near the $150 level or the 76.4% Fib retracement level of the downward wave from the $154.40 swing high to the $138.00 low.

Solana Sol Price
Source: SOLUSD on TradingView.com

The next major resistance is near the $155 level. A successful close above the $155 resistance could set the pace for another major increase. The next key resistance is near $162. Any more gains might send the price toward the $175 level.

Another Decline in SOL?

If SOL fails to rally above the $150 resistance, it could start another decline. Initial support on the downside is near the $146 level and the 100 simple moving average (4 hours).

The first major support is near the $142 level, below which the price could test $138. If there is a close below the $138 support, the price could decline toward the $125 support in the near term.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $146, and $142.

Major Resistance Levels – $150, $155, and $162.

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