One of the shining stars of the cryptocurrency world, Solana (SOL), continues to draw attention with its recent strong performance. SOL entered a new uptrend above the $142 resistance and began testing the $150 resistance with an increase of approximately 8%. However, the $150 resistance could not be surpassed. This situation may bring about a new failure. What levels should be monitored for the SOL coin?
Solana Price Stuck at $150 Resistance
According to recent data, the SOL price tested the $150 resistance against the US Dollar and is currently trading at the $145 level, above the 100 simple moving average (4-hour). Notably, there was a break above a significant downtrend line at $144 on the 4-hour chart of the SOL/USD pair.
Solana’s price started an uptrend after forming a support base near the $138 level. Showing a stronger performance compared to Bitcoin and Ethereum, the SOL coin moved into a positive zone by rising above the $144 level. However, it is noted that bears are active near the key hurdle of $150.
According to current data, Solana is currently trading above $145 and is above the 100 simple moving average (4-hour). The immediate resistance is at the $150 level. The next major resistance is near the $155 level. If SOL successfully closes above the $155 resistance, it could signal a significant increase. The next important resistance level is around $162. Further gains could lead the price to rise towards the $175 level.
Where is the Danger Zone for SOL Coin?
If the SOL coin fails to surpass the critical resistance level of $150, it could initiate another downtrend. SOL’s movements are being closely watched in the cryptocurrency markets, and currently, investors are curious about the path SOL will take if it fails to overcome the $150 resistance.
Currently, SOL is finding initial support around the $142 level. However, if SOL fails to maintain these levels, further declines may occur. Especially if there is a close below the $138 support level, it is indicated that SOL may show a downward trend towards the $125 support level in the near term.
From a technical analysis perspective, the 4-hour MACD indicator for the SOL/USD pair is gaining momentum in the bullish zone, but this may not be sufficient. The RSI (Relative Strength Index) is above the 50 level, indicating that SOL still has potential for an upward movement.
