Solana (SOL) Surges 15%: Cryptocurrency Market Riding High on SOL Momentum

Solana (SOL) Price Surge Analysis

Solana (SOL) witnessed a remarkable surge of nearly 15%, hinting at potential further gains if it manages to surpass the critical $165 resistance level. The cryptocurrency commenced a fresh uptrend after breaching the $150 resistance barrier.

Technical Analysis

SOL price demonstrated a significant recovery and challenged the $162 resistance against the US Dollar. At present, it is trading above $150 and the 100-hourly simple moving average. Notably, a pivotal bearish trend line with resistance at $148 was breached on the hourly chart of the SOL/USD pair, sourced from Kraken.

• The pair may successfully surpass the $165 resistance, provided it maintains its position above $158.
• Solana’s price formed a sturdy support base around the $138 level before initiating a fresh upward movement, outperforming major cryptocurrencies like Bitcoin and Ethereum.
• After breaking above the aforementioned bearish trend line, SOL surged past the $155 resistance and peaked above $162, achieving a new weekly high at $163.76.

The price is currently consolidating its gains and is holding above the 23.6% Fibonacci retracement level of the upward swing from the $141 low to the $164 high. Additionally, SOL is trading above $160 and the 100 simple moving average (4 hours).

Forecast and Support Levels

Immediate resistance looms near the $165 level, followed by a major hurdle at $172. A decisive close above $172 could pave the way for a significant upward move, with the subsequent key resistance positioned around $180.

• If SOL fails to breach the $160 resistance, a downside correction might be imminent.
• Initial support rests at $158, with the first major support zone near $152.
• In the event of a bearish trend, the price could dip towards the $150 support level, potentially testing the $138 support in the near future.

Technical Indicators

Hourly MACD indicates a bullish momentum gaining pace for SOL/USD, while the Hourly RSI stands above the 50 level, signifying positive strength in the market.

Key Levels to Watch

• Major Support Levels: $158, $152
• Major Resistance Levels: $165, $172, $180