Solana (SOL) started a fresh increase above the $132 resistance. The price is now consolidating gains and might start a fresh surge from $132-$135.
Solana Price Eyes Fresh Surge
In the last technical analysis, we discussed the chances of a fresh increase in Solana above the $120 zone. The price remained stable and climbed above the $125 resistance. The bulls even pumped the price above the $132 resistance.
On the daily chart, there was also a break above a key bearish trend line with resistance at $121. The price even cleared the 23.6% Fib retracement level of the downward move from the $295 swing high to the $96 low and settled well above the 50-day simple moving average (blue).
Solana even spiked above the $150 resistance zone, but the bears were active near the $160 zone. The price started a consolidating phase like Bitcoin and is currently well above the 50-day simple moving average (blue).
If there is a fresh increase, the price might face resistance near the $150 level. A convincing move above the $150 resistance could trigger a fresh surge. The first major resistance sits near the $160 level. The next key resistance could be $162.
A clear move above the $162 level could send the price toward the next key resistance at $174. A successful daily close above the $174 resistance might send the price toward the $195 level or the 50% Fib retracement level of the downward move from the $295 swing high to the $96 low. Any more gains might send the price toward the $220 level or $235 in the coming weeks.
Another Decline In SOL?
If SOL fails to surpass the $150 resistance and $155, another decline could occur. Immediate support is near the $142 level. The first major support sits near the $132 level and the 50-day simple moving average (blue).
If the price closes below the $132 support, it might dive and test the $122 support. The next key support could be the $105 level. Any more losses could send SOL toward the $100 support zone in the near term.
Overall, Solana price is showing a few positive signs above the $135 level. To start a fresh increase, SOL price must settle above the $150 and $162 resistance levels. If not, the price could retest the 50-day simple moving average (blue).
