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.

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.