Solana price rises and crossed $150 after crossing the $135 mark, which is now correcting to build on the new high. Solana (SOL) traded and spiked above $145, crossing the 100-hourly simple moving average, indicating that any dips to $143 could be bought.
Solana Price Prediction : Key Levels to Watch
The Solana price began a new bullish run above the $125 level, further extending the break above the $132 and $135 resistance levels and resembling moves made by Bitcoin and Ethereum.
Following a successful penetration through the $145 and $150 resistance levels, Solana (SOL) traded at $152. 05 before entering a consolidation phase. Now, it still keeps a very good position above 23. to a 6% Fibonacci retracement level of the recent upward movement from $134 to $152.
Solana has even gone higher than $145, and the 100-hourly simple moving average, as a bullish trend line, was created at $147 on the SOL/USD hourly chart.
In the next few weeks, Solana may potentially stall at $152 before confronting a stiff barrier at $155. The price breakout above $155 may create further enthusiasm for higher highs toward $165 and possibly $172.
Analyzing SOL: Possible Drawbacks and Constraints to Such Value Reversals?
However, if Solana (SOL) does not demonstrate an ability to climb above the $152 mark, a decline may occur, with the first floor seen at $150. The first major support level lies at $147, in the vicinity of which the current trend line has been plotted.
However, if the price of Solana (SOL) goes below the $147 support level, the following could be around the $143 mark or the 50% Fibonacci retracement level of the recent upward movement from $134 to $152, maybe the next support region.
More downside pressure would pull the price back towards the $138 support level should there be a close below $143 in the near term.
Please note, the article provided above is for informational purpose only and is based on individual research and analysis. Crypto is a risky asset which can lead to major losses. Please do your own research before making any decision
