Solana Surges 10% Above $140, Eyes $155 Resistance

Solana (SOL) has initiated a fresh upward trend from the $142 support zone, currently consolidating and showing potential for further gains above the $155 resistance zone. The cryptocurrency has surged past the $140 and $142 levels, trading above $145 and the 100-hourly simple moving average. A short-term contracting triangle is forming with resistance at $152 on the hourly chart of the SOL/USD pair, indicating a possible breakout if the $155 resistance is cleared.

Solana's price has formed a base above the $135 support, mirroring the upward movements of Bitcoin and Ethereum. The cryptocurrency has gained momentum, surpassing the $140 and $142 resistance levels and reaching a high of $153.30 before experiencing a pullback. The price dipped below $150, forming a low at $145, and has since entered a consolidation phase above the 23.6% Fib retracement level of the downward move from $153.30 to $145.54.

Currently, Solana is trading below $152 and the 100-hourly simple moving average, with resistance near the $149.50 level. The next major resistance is at $150, with the main resistance at $152 and the 76.4% Fib retracement level of the downward move from $153.30 to $145.54. A successful close above the $152 resistance zone could pave the way for another steady increase, with the next key resistance at $155 and potential gains toward the $165 level.

However, if Solana fails to rise above the $150 resistance, it could start another decline. Initial support on the downside is near the $147 zone, with the first major support at $145. A break below the $145 level might send the price toward the $138 zone, and if there is a close below the $138 support, the price could decline toward the $132 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 below the 50 level. Major support levels are at $147 and $145, with major resistance levels at $150 and $155. The current consolidation phase and technical indicators suggest that Solana is in a bullish position, with potential for further gains if the $155 resistance is cleared. However, a failure to break above the $150 resistance could lead to another decline, with support levels at $147 and $145.