Solana (SOL) is indicating a fresh upward trend above $150 and the 50-day simple moving average, with the potential for a 20% increase if it surpasses $162.
Over the past few days, Solana’s price has experienced a significant increase above the $140 resistance zone. This bullish movement is in line with the overall crypto market, which has seen Bitcoin, Ethereum, XRP, SOL, and other major altcoins rise. During this increase, Solana’s price broke through a key bearish trend line with resistance at $146.50 on the daily chart.
Furthermore, there was a close above the $150 resistance zone and the 50-day simple moving average. Additionally, the price surpassed the 50% Fibonacci retracement level of the downward move from the $188.55 swing high to the $121.22 low.
Solana tested the $162 resistance level, but faced resistance from bears near the 61.8% Fibonacci retracement level of the aforementioned downward move. However, the current price action is positive, indicating that the bulls may push for further upside. The immediate resistance is at $162, followed by a major resistance at $172. A successful daily close above $162, followed by a move above $172, could set the stage for another rally.
If the bulls continue to gain momentum, the next major resistance levels are at $188 and $192, with further gains potentially pushing SOL towards $200.
In a recent report by Everstake, it was revealed that Solana is a global network with over 5,400 nodes distributed across 43 countries and 237 cities, boasting 100% uptime and a Stake-weighted Quality of Service (QoS).
However, there is a possibility of a downside correction if Solana fails to break through the $162 resistance. Immediate support is expected near the $150 level and the 50-day simple moving average. The first major support level is at $142, followed by the recent breakout zone. If the price breaks below $142, it could trigger significant bearish movement, potentially leading to a decline towards the $130 support level. The main uptrend support remains around $120.
Overall, SOL price is poised for another upward breakout above $162, with the potential for a 20% rally and a test of the $188 resistance.
