Solana ’s price has experienced a notable upward trend, surpassing the significant $140 resistance level. Currently trading above $148, the cryptocurrency appears poised for further bullish movement, particularly if it can break through the $155 level.
The recent performance of Solana demonstrates its strength, with price movements suggesting a potential for continued gains. After establishing a foothold above the pivotal $145 resistance, similar to trends observed in Bitcoin and Ethereum , Solana ’s price escalated, peaking at $153.22. Following this high, the price entered a consolidation phase, during which it saw a minor pullback below the $152 level. This correction tested the 23.6% Fibonacci retracement level from a recent swing low of $144.40 to the established high.
As it stands, Solana is firmly positioned above $145 and the 100-hourly simple moving average, supported by a bullish trend line at $147.50 on the hourly chart. The immediate resistance level to watch is around $153.50, with the next critical hurdle at $155. If Solana can maintain momentum and secure a close above this level, it could pave the way for further advances towards $158 and beyond, potentially reaching $162.
Conversely, if Solana fails to break through the $155 resistance, it could trigger a downward trend. Initial support is located around $150, with stronger support expected at $147.50, coinciding with the trend line and the 61.8% Fibonacci retracement level. A decline below this support could lead to prices hovering near $144.50, with a significant risk of falling to the $138 support level if the downward trend persists.
In summary, Solana ’s current trajectory indicates both potential for growth and risk of decline, depending on its ability to navigate critical resistance and support levels in the coming days.
