Solana(SOL) Surges 15% to $145, Faces $150 Resistance

Solana (SOL) has initiated a recovery phase, surging above the $132 resistance level. Currently, the SOL price is consolidating and may encounter difficulties in surpassing the $150 resistance mark. The cryptocurrency began its upward trajectory from the $125 support zone, mirroring the movements of Bitcoin and Ethereum. SOL successfully breached the $132 and $140 resistance levels, reaching a peak at $145 before encountering resistance and initiating a downward correction.

The price dipped below the $142 level and the 23.6% Fibonacci retracement level of the upward move from the $125 swing low to the $145 high. Despite this, SOL is currently trading above $130 and the 100-hourly simple moving average, with a bullish trend line forming support at $134 on the hourly chart of the SOL/USD pair. On the upside, the price faces resistance near the $140 level, with the next major resistance at $142 and the main resistance at $145. A successful close above the $145 resistance zone could pave the way for another steady increase, with the next key resistance at $150 and potential gains extending to the $162 level.

However, if SOL fails to rise above the $142 resistance, it could initiate another decline. Initial support on the downside is near the $135 zone and the 50% Fibonacci retracement level of the upward move from the $125 swing low to the $145 high. The first major support is near the $133 level, with a break below this level potentially sending the price toward the $125 zone. If there is a close below the $125 support, the price could decline toward the $114 support in the near term.

Technical indicators suggest that the MACD for SOL/USD is losing pace in the bullish zone, while the RSI for SOL/USD is below the 50 level. Major support levels are at $135 and $133, with major resistance levels at $142 and $145. The current market conditions indicate that while SOL has the potential for further gains, it may face significant resistance in breaking above the $150 mark.