Solana (SOL) Price Survives and Breaks Out: Targets Additional 15% Gains

Key Takeaways:

• SOL price stayed above the $120 support and started a fresh increase.
• It cleared a major bearish trend line with resistance at $140 on the daily chart.
• Solana could extend gains and rise toward the $162 resistance.

Solana (SOL) price is gaining bullish momentum above $140. The recent breakout suggests that the bulls could aim for a move above $150.

Solana Price Starts Fresh Surge Above $140

In the last technical analysis, we discussed the importance of the $120 support for Solana. The bulls remained active, protected the $120 support, and managed to start a fresh increase. Recently, the Fed rate cut sparked bullish moves in Bitcoin and helped altcoins such as SOL, ETH, and XRP to gain strength.

SOL price was able to clear a major bearish trend line with resistance at $140 on the daily chart. It even settled above the $140 resistance and the 50-day simple moving average (blue).

Solana is now rising above the $142 level and testing the 61.8% Fib retracement level of the downward wave from the $162 swing high to the $120 low. It seems like the bulls could soon push the price above $146.

Immediate resistance sits near the $150 level. The first major resistance sits near the $152 level. It is close to the 76.4% Fib retracement level of the downward wave from the $162 swing high to the $120 low.

A successful daily close above the $150 resistance and then a follow-up move above the $152 level could set the tone for another rally. The next major resistance is at $162, above which the bulls might aim for $170. Any more gains might send SOL toward the $180 level.

Solana’s Breakpoint 2024 is now live, and Jupiter Exchange announced the launch of Jupiter Mobile on the Apple App Store, with a Google Play launch coming soon.

Just in from Breakpoint: @sssionggg from @JupiterExchange unveils Jupiter Mobile — featuring a fully gasless experience! https://t.co/v02ZaLiT0I

— Solana (@solana) September 20, 2024

Are Dips Supported In SOL?

Conversely, Solana might correct gains from $150 or $152. Immediate support is near the $142 level and the 50-day simple moving average (blue). The next support sits near the $140 level.

The first major support is near the $130 level. A downside break below the $130 support might resend the price toward the main support at $120 (a multi-touch zone).

Overall, SOL price is gaining bullish momentum above $140 and $142. A clear move above the $152 resistance could send Solana toward $162 or even $170 in the near term.