Solana (SOL) Surges Over 10% on ETF Hopes, Eyes $162 Target

• Solana experiences significant upward momentum, surging past the $135 resistance mark.
• The SOL price has gained over 10% amid positive ETF speculation.
• Technical indicators suggest potential for further growth towards the $162 mark.

Discover the latest surge in Solana’s price and the key technical factors driving its rise. Stay informed about Solana’s market movements and future potential.

Solana Price Advances on Optimistic ETF Expectations

Recently, Solana’s price established a support base above the $125 level and rallied, breaking numerous resistance points at $135 and $140. This surge propelled the SOL price by over 10%, allowing it to surpass the $145 resistance level and outperform major cryptocurrencies like Bitcoin and Ethereum.

The price peaked at $150.93 and is currently consolidating its gains, trading near the 23.6% Fibonacci retracement level from its rise from the $135 low to the $151 high.

Technical Analysis and Key Support Levels

Solana’s current trading position is comfortably above the $142 level and the 100-hour simple moving average. A bullish trend line, coupled with support at $142, is forming on the hourly chart for the SOL/USD pair, indicating robust buying interest. This trend line is aligned with the 50% Fibonacci retracement level from its latest upward move.

Should the price embark on another ascent, it may encounter resistance near the $150 mark, with a crucial barrier at $152. Successfully closing above $152 could set the stage for additional gains, potentially pushing the price towards the $162 and subsequently the $175 levels.

Evaluating Potential Pullbacks in SOL

In the event that Solana fails to breach the $152 resistance, it may undergo a pullback. Initial downside support is observed around the $145 mark.

The first notable support lies at $142, in conjunction with the trend line. A break below this level might prompt a test of the $140 support. Should there be a further decline, the price could approach the $128 region in the short term.

Technical Indicators Recap

Hourly MACD – The MACD for SOL/USD is gaining momentum within the bullish zone.

Hourly RSI – The RSI for SOL/USD stands above the 50 level, indicating buying strength.

Major Support Levels – $145, and $142.

Major Resistance Levels – $152 and $162.

Conclusion

In summary, Solana is demonstrating strong upward momentum driven by ETF optimism and robust technical support. Key levels to watch include $145 and $142 for potential pullbacks, while resistance levels at $152 and $162 could signal further growth. Investors should keep an eye on these critical factors to navigate the evolving market dynamics effectively.