Solana has begun a new upward trend, surpassing the $140 mark. The price of SOL is now stabilizing above $140 and could target further gains beyond $145. Trading above both $140 and the 100-hour simple moving average, SOL shows strength against the US Dollar. A bullish trend line is forming with support at $138 on the hourly chart for SOL/USD, based on data from Kraken. If it breaks through the $145 resistance, the pair may continue to rise.
Solana Outperforms Bitcoin and Ethereum
After holding above $132, Solana started a solid rise, outpacing both Bitcoin and Ethereum. It climbed past $138, entering a short-term positive phase, and broke through the $140 resistance. The price was pushed above $142, reaching a high of $144, and is now consolidating above the 23.6% Fibonacci retracement level of the recent upswing from $135 to $144. Currently trading above $142 and the 100-hour simple moving average, SOL also benefits from a bullish trend line with support at $138.
On the upside, resistance is near $144, with the next major hurdle at $145. The key resistance level is $150. A sustained close above $150 could pave the way for further gains, with the next resistance at $162, potentially leading toward $170.
Potential Downside Correction
If SOL fails to break above $145, it might see a pullback. Initial support lies around $142, with major support near $140, which aligns with the 50% Fibonacci retracement of the recent move from $135 to $144. A drop below $140 could test the $138 support and the trend line. A close below $138 might lead to a decline toward $132.
Technical Indicators
– Hourly MACD: Gaining momentum in bullish territory.
– Hourly RSI: Above 50, indicating positive momentum.
– Major Support Levels: $140 and $138.
– Major Resistance Levels: $145 and $150.
Frequently Asked Questions
Of course Here is a list of FAQs about Solanas price action and the crucial resistance level its facing designed for both beginners and more experienced observers
Beginner Definition Questions
1 What does it mean that Solana is climbing higher
It means the price of Solana has been increasing in value over a recent period showing positive momentum and buying interest from traders and investors
2 What is a resistance level in crypto trading
A resistance level is a specific price point where an asset has historically struggled to rise above Think of it as a price ceiling where selling pressure tends to increase potentially halting or reversing an upward trend
3 Why is everyone watching this particular resistance level
Because breaking through a major resistance level is often seen as a strong bullish signal It can trigger more buying as traders gain confidence that the price can move to new highs If it fails the price might pull back
4 What could happen if Solana breaks through this resistance
If it breaks and holds above the level it could signal the start of a new upward trend attracting more investors and potentially leading to significant price gains as new price discovery begins
5 What could happen if Solana gets rejected at this resistance
If the price hits the level and falls back down it suggests sellers are still in control at that price This could lead to a shortterm price drop or a period of consolidation as the market reassesses
Advanced Practical Questions
6 What are common signs that Solana might break through resistance
Key signs include high trading volume on the approach to the level multiple attempts to test it and positive momentum from the broader crypto market or strong Solanaspecific news
7 Whats the difference between a test and a break of resistance
A test is when the price touches or gets very close to the level and then pulls back A genuine break is when the price closes decisively above the level on a meaningful timeframe especially with high volume
8 Is a fakeout or false breakout possible
Yes Sometimes the price will briefly spike above resistance tricking traders into buying only to quickly fall