Solana (SOL) Surges 15% to $142, Eyes $150 Resistance

Solana (SOL) has initiated a fresh upward trend, surpassing the $125 mark and currently consolidating gains with the potential to rally above the $150 level. The cryptocurrency has shown significant momentum, trading above $142 and the 100-hourly simple moving average. A key bullish trend line is forming with support at $142 on the hourly chart of the SOL/USD pair, indicating a strong upward trajectory.

The price of SOL has gained pace, trading above the $132 resistance level and facing hurdles near $148 and $150. A high was formed at $147, and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $126 swing low to the $147 swing high. On the upside, the price is facing resistance near the $148 level, with the next major resistance near the $150 level. The main resistance could be $155. A successful close above the $155 resistance zone could set the pace for another steady increase, with the next key resistance at $160. Any further gains might send the price toward the $165 level.

However, if SOL fails to rise above the $150 resistance, it could start another decline. Initial support on the downside is near the $142 zone. The first major support is near the $136 level or the 50% Fib retracement level of the upward move from the $126 swing low to the $147 swing high. A break below the $136 level might send the price toward the $130 zone. If there is a close below the $130 support, the price could decline toward the $125 support in the near term.

Technical indicators show that the MACD for SOL/USD is losing pace in the bullish zone, while the RSI for SOL/USD is above the 50 level. Major support levels are at $142 and $136, with major resistance levels at $148 and $150. The current trend suggests that SOL has the potential to rally hard above the $150 level, but it will need to overcome the resistance at $148 and $150 to achieve this.