SOL Price Surges Past $150, Could Reach $180
Solana’s price has recently broken the $150 mark, indicating bullish momentum. There are positive signs that suggest SOL could even surpass the $162 resistance level in the near future.
The upward movement began from the $138 support level against the US Dollar. SOL’s price is currently trading above $150 and the 100 simple moving average on the 4-hour chart. Additionally, a bullish trend line is forming with support at $140.
The rally is fueled by the formation of a base above the $130 support zone. SOL experienced a notable increase above the $135 and $145 levels. Similar to Bitcoin and Ethereum, the price saw an upward movement of almost 10%, breaking the 76.4% Fib retracement level.
With SOL now comfortably above $150 and the 100 simple moving average, the immediate resistance lies near $156.50. The subsequent major resistance level is around $162.50, which represents the 1.618 Fib extension. A successful close above this level could lead to significant gains, with the next key resistance near $175. If the momentum continues, SOL may test the $180 level.
However, if SOL fails to break the $162.50 resistance, it could experience a downside correction. Initial support is found around the $150 level, followed by the major support near $142. Further support levels are at $138 and $128, which coincides with the 100 simple moving average.
Based on technical indicators, the MACD for SOL/USD is gaining pace in the bullish zone on the 4-hour chart. The Relative Strength Index (RSI) is also above the 50 level, indicating positive market sentiment.
Investors should bear in mind that investing in cryptocurrencies involves risks and should conduct thorough research before making any investment decisions. The information provided in this article is for educational purposes only and does not necessarily reflect the opinions of NewsBTC.