Solana (SOL) started a fresh increase from the $130 support. The price is up nearly 10%, but it faces an uphill task near $150 and $155.
Solana Price Eyes Key Upside Break
In the last technical analysis, we saw a fresh decline in Solana below the $172 and $165 levels. SOL trimmed most gains and settled below the $160 pivot level. There was a clear move below the 50% Fib retracement level of the upward move from the $95 swing low to the $188 high.
Finally, there was a spike below the $130 support level and the 61.8% Fib retracement level of the upward move from the $95 swing low to the $188 high. The bulls appeared near the $125 level. SOL tested the declining channel (as discussed in the previous analysis) or a possible bullish flag pattern on the daily chart.
Solana is now attempting a fresh increase from the $125 support zone, like Bitcoin and Ethereum after Trump announced a ceasefire. Having said that, the bulls still face many hurdles, and the price remains below the 50-day simple moving average (blue).
Immediate resistance is near the $1560 level. The first major hurdle is near the same channel zone at $155. A convincing move above the $155 resistance could start a fresh increase.
The next key resistance could be $160 and the 50-day simple moving average (blue). A daily close above the $155 and $160 resistance levels could open the doors for a medium-term uptrend. In the stated case, the price could rise and revisit the $180 resistance. Any more gains might send the price toward the $200 level in the coming days.
Another Pullback In SOL?
If Solana remains below $155, there could be another decline. Immediate support is near the $132 level. The first major support sits near the $125 level.
If there is a close below the $125 support, the price might dive and test the $118 support since it coincides with the 76.4% Fib retracement level of the upward move from the $95 swing low to the $188 high. The bulls might take a strong stand near the $118 support. If they fail to protect the stated support, the price could dive and test $100. Any more losses could send SOL toward the $92 support zone in the near term.
Overall, Solana price is gaining pace above the $132 support level. To start a fresh increase, SOL price must settle above the $155 resistance level. If not, the price could start another decline and visit the $118 support.
