Solana (SOL) started a fresh increase from the $142 support.
The price is up nearly 8% and might aim for a move above the $165 resistance.
Solana Price Aims Key Upside Break
In the last technical analysis, we saw a steady decline in Solana below the $180 and $165 levels. SOL struggled to clear $188 and dipped below the 23.6% Fib retracement level of the upward move from the $95 swing low to the $188 high.
It underperformed Bitcoin and Ethereum before the bulls emerged near the $142 support zone. The price remained well-bid above the 50% Fib retracement level of the upward move from the $95 swing low to the $188 high.
Solana is now attempting a fresh increase from the $142 support zone, but it is still below the 50-day simple moving average (blue). It is up nearly 8% in a few sessions and showing some positive signs.
If the bulls remain active above the $155 level, the price could start a fresh increase. Immediate resistance is near the $160 level and the 50-day simple moving average (blue). There is also a declining channel or a possible bullish flag pattern forming with resistance at $160 on the daily chart.
A convincing move above the $160 resistance could start a fresh increase. The first major resistance sits near the $165 level. The next key resistance could be $180. A clear move above the $180 level could send the price toward the next key resistance at $188. A successful daily close above the $188 resistance might open the doors for a move toward the $200 level. Any more gains might send the price toward the $212 level in the coming days.
Another Decline In SOL?
If Solana remains below $165, there could be another decline. Immediate support is near the $150 level. The first major support sits near the $142 level.
If there is a close below the $142 support, the price might dive and test the $130 support. The next key support could be the $117 level or the 76.4% Fib retracement level of the upward move from the $95 swing low to the $188 high. Any more losses could send SOL toward the $100 support zone in the near term.
Overall, Solana price is gaining pace above the $150 support level. To start a fresh increase, SOL price must settle above the $165 resistance level. If not, the price could start another decline and revisit the $142 support.