Solana has begun a fresh rise above the $142 level. The price is now consolidating above $142 and could aim for further gains beyond $150. SOL has moved upward against the US Dollar, breaking past the $142 and $145 levels. It is currently trading above $142 and the 100-hour simple moving average. A bullish trend line is forming with support around $140 on the hourly chart for SOL/USD. If the price clears the $150 resistance, the pair could extend its gains.
After holding above $135, Solana started a steady climb, similar to Bitcoin and Ethereum. SOL broke above $140, entering a short-term positive zone, and surpassed the $142 resistance. The bulls pushed the price above $145, reaching a high near $148 before consolidating. There was a slight pullback below the 23.6% Fibonacci retracement level of the recent rise from the $138 low to the $148 high. SOL is now trading above $142 and the 100-hour simple moving average, with additional support from a bullish trend line near $140.
On the upside, resistance is near $148, followed by major resistance at $150. The key resistance level is around $155. A clear break above $155 could pave the way for further gains, with the next resistance near $162. Continued momentum might even push the price toward $170.
If SOL fails to break above $148, it could see a downside correction. Initial support is near $144, with major support around $143, which aligns with the 50% Fibonacci retracement of the recent upward move from $138 to $148. A break below $143 could lead to a drop toward the $140 support and the trend line. A close below $140 might bring the price down to $135 in the near term.
Technical Indicators
– Hourly MACD: Gaining momentum in the bullish zone.
– Hourly RSI: Above the 50 level.
– Major Support Levels: $144 and $140.
– Major Resistance Levels: $148 and $150.
Frequently Asked Questions
Frequently Asked Questions About Solana Breaking Resistance Gaining Momentum
Beginner Questions
Q1 What does it mean when Solana breaks through resistance
A In trading resistance is a price level that an asset has struggled to rise above Breaking through means the price has finally closed above that level which traders often see as a sign of strong buying pressure and a potential start of a new upward trend
Q2 Why is this considered a big deal for Solana
A It signals a shift in market sentiment from selling at that price to buying suggesting increased confidence It can trigger more buying from traders who follow these patterns potentially leading to a sustained price rally
Q3 What could be causing Solanas rally
A Common catalysts include positive network news growing use of its DeFiNFT ecosystem a surge in overall crypto market sentiment or major institutional interest
Q4 Is it too late to buy SOL after this breakout
A Not necessarily but the risk is higher Breakouts can lead to further gains but prices can also pull back Its crucial to do your own research understand the risks and never invest more than you can afford to lose
Q5 As a beginner where can I safely buy and hold Solana
A You can use reputable centralized exchanges or decentralized exchanges on the Solana network itself Always use strong security practices
Intermediate Advanced Questions
Q6 What technical indicators typically confirm a true breakout versus a false one
A Traders look for confirmation through high trading volume during the breakout the price holding above the resistance level for multiple timeframes and other indicators like the Relative Strength Index not being in overbought territory yet
Q7 Where might the next major resistance level be after this breakout
A This is chartspecific but analysts typically look at previous major price highs or use Fibonacci extension levels drawn from the recent price swing to identify potential future resistance zones