Solana (SOL) is indicating a fresh upward trend above $150 and the 50-day simple moving average, with the potential for a 20% jump if it surpasses $162.
Over the past few days, Solana’s price has experienced a decent increase above the $140 resistance zone. This bullish movement in the crypto market has also pushed Bitcoin, Ethereum, XRP, SOL, and other major altcoins higher. During this increase, the price successfully broke through a key bearish trend line with resistance at $146.50 on the daily chart.
Furthermore, there was a close above the $150 resistance zone and the 50-day simple moving average. The price also surpassed the 50% Fibonacci retracement level of the downward move from the $188.55 swing high to the $121.22 low.
Currently, Solana has tested the $162 resistance level, with some resistance coming from the 61.8% Fibonacci retracement level of the downward move. However, the current price action suggests a positive outlook, indicating that the bulls may aim for further upside. The immediate resistance is near the $162 level, followed by the first major resistance at around $172. A successful daily close above $162, followed by a move above $172, could set the stage for another rally. If the bulls continue to gain momentum, the next major resistance levels are at $188 and $192, potentially leading SOL towards the $200 level.
In a recent report by Everstake, Solana was highlighted as a global network with over 5,400 nodes spread across 43 countries and 237 cities. The report also mentioned a 100% uptime and Stake-weighted Quality of Service (QoS).
However, there is a possibility of a downside correction if Solana fails to break through the $162 resistance. Immediate support can be found near the $150 level and the 50-day simple moving average. The first major support level is around $142, which coincides with the recent breakout zone. If the price breaks and closes below $142, it may trigger significant bearish movement, potentially leading to a decline towards the $130 support level. The main uptrend support is still near the $120 level.
Overall, Solana’s price is currently aiming for another upward break above $162, with the potential for a 20% rally and a test of the $188 resistance level.