Solana (SOL) started a fresh increase above the $150 resistance, potentially sparking a rally if it clears the $162 resistance level. The price is now above $155 and the 100-hourly simple moving average, supported by a key bullish trend line at $158 on the hourly chart of the SOL/USD pair.
Solana regains strength above $155, surpassing resistance levels at $155 and $160, even beating Ethereum and Bitcoin. It hit a high of $162 and is currently consolidating. There was a minor correction below $160, testing the 23.6% Fib retracement level of the upward move from $138 to $162.
If SOL successfully closes above the $162 and $165 resistance levels, it could see a steady increase, aiming for $178 and potentially $184. However, failing to rise above $162 might trigger a downside correction, with initial support near $158 and major support at $155, potentially dropping to $148 or even $135.
The technical indicators, including the hourly MACD gaining pace in the bullish zone and the RSI above 50, suggest continued bullish momentum. Major support levels are positioned at $158 and $155, with major resistance levels at $162 and $165.
