SOL Price Rebounds Strongly: Can Solana Surge Beyond $150 and Sustain its Momentum?

Solana exhibits a robust recovery, breaching the $142 resistance with an approximate 8% surge, potentially signaling further upward movement if it clears the critical $150 resistance level.

SOL price has rebounded and tested the $150 resistance against the US Dollar, currently trading above $145 and the 100-period simple moving average (4 hours). Notably, a significant bullish development occurred as the SOL/USD pair broke above a pivotal bearish trend line with resistance at $144, sourced from Kraken exchange data.

Solana Price Outlook

After establishing a support base near $138, Solana initiated a bullish uptrend, surpassing Bitcoin and Ethereum. The breakout above the aforementioned bearish trend line and the clearance of the 50% Fibonacci retracement level of the downward wave from $154.40 to $138.00 underscore Solana's newfound strength.

However, challenges persist near the crucial $150 resistance. Solana's current trading position above $145 and the 100-period simple moving average (4 hours) hints at bullish momentum. Immediate hurdles lie at $150, followed by the 76.4% Fibonacci retracement level.

Potential Upsides for SOL

A successful breach above the $155 resistance level could catalyze further gains, potentially targeting the $162 and $175 levels. However, failure to overcome the $150 resistance might prompt a downward correction.

Potential Downside Scenarios

Should SOL fail to rally past $150, it may experience a downside move. Initial support is anticipated near $146 and the 100-period simple moving average (4 hours). Subsequent support levels include $142 and $138, with a potential downside continuation towards $125 upon breaching the $138 support.

Technical Analysis

The 4-hour MACD for SOL/USD suggests bullish momentum, while the RSI is above the 50 level, signaling strength in the uptrend.

Major Levels to Watch

Support: $146, $142

Resistance: $150, $155, $162

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