Solana Eyes $145 Breakout as Bullish Momentum Intensifies
Solana (SOL) has ignited a fresh wave of bullish momentum, successfully pushing past the crucial $140 resistance level. The popular cryptocurrency is currently consolidating its gains above this zone, with market analysts keenly watching for a decisive move beyond $145, which could unlock significant further upside potential.
SOL's Impressive Climb and Key Resistance Ahead
Following a strong performance that saw it outpace both Bitcoin and Ethereum, Solana initiated a notable ascent after stabilizing above the $132 mark. The digital asset confidently breached successive resistance levels, first at $138, then $140, and subsequently $142, establishing a short-term positive trajectory. A high was recently formed near $144, and SOL is now trading robustly above the $142 threshold and its 100-hourly simple moving average. A critical bullish trend line offering support at $138 on the hourly chart reinforces this upward bias. Should Solana successfully clear the immediate resistance at $144 and especially the significant $145 zone, further gains towards $150, $162, and potentially even $170 could be on the horizon.
Potential Corrections and Technical Outlook
While the immediate outlook for SOL remains bullish, a failure to overcome the $145 resistance could trigger a downside correction. Initial support on the downside is anticipated around $142, followed by a major support zone at $140. This $140 level aligns with the 50% Fibonacci retracement of the recent upward move from the $135 swing low to the $144 high. A break below this crucial $140 support, and subsequently the $138 trend line, might lead to a more pronounced decline towards the $132 support level. However, current technical indicators lean towards continued strength, with the Hourly MACD showing increasing bullish momentum and the Hourly Relative Strength Index (RSI) comfortably positioned above the 50 level, indicating strong buying pressure.
