Solana (SOL) has initiated a strong upward trajectory, pushing past the crucial $136 mark. The cryptocurrency is currently consolidating above $138, sparking discussions among analysts about a potential extended rally that could see its value climb beyond the $142 zone.
Solana's Bullish Breakout and Key Levels
Following a recent correction from its high near $144, Solana's price demonstrated remarkable resilience, holding steady above the $130 mark and outperforming major cryptocurrencies like Bitcoin and Ethereum. The digital asset established a solid base around $132 before embarking on its latest ascent. This upward momentum saw SOL break past the $135 level and overcome a significant bearish trend line, which had previously offered resistance at $137 on the hourly chart. Currently, SOL is trading robustly above $138 and its 100-hourly simple moving average, signaling a strong short-term positive sentiment.
The Road Ahead: Resistance and Support
Looking forward, Solana faces immediate resistance hurdles near $140, coinciding with the 76.4% Fibonacci retracement level of its recent downturn from $143 to $132. A successful breach above this point, particularly the $142 resistance zone, is crucial for extending the current gains. The next major resistance is identified at $145, with sustained trading above this level potentially paving the way for further rallies towards $150 and even $155. Conversely, if SOL fails to overcome the $140 resistance, it risks a downturn. Initial support lies at $138, followed by a more critical support zone near $135. A decisive close below $135 could trigger a decline towards $132, with a further breakdown potentially pushing the price to $124.
Technical Indicators Signal Optimism
Technical indicators reinforce the bullish outlook. The Hourly MACD for SOL/USD is gaining pace within the bullish zone, while the Hourly Relative Strength Index (RSI) for SOL/USD is positioned favorably above the 50 level, indicating strong buying pressure. Key support levels to watch are $138 and $135, while major resistance levels are noted at $140 and $142.
