Ethereum

Cryptocurrency

Solana

Resistance

Momentum

Solana started a fresh increase above the $150 resistance. SOL price is up nearly 15% and might continue to rise if it clears the $165 resistance. 
<ul> 
 <li>SOL price recovered higher and tested the $162 resistance against the US Dollar.</li> 
 <li>The price is now trading above $150 and the 100-hourly simple moving average.</li> 
 <li>There was a break above a key bearish trend line with resistance at $148 on the hourly chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could clear the $165 resistance unless it fails to stay above $158.</li> 
</ul> 
<h2 id="solana-price-starts-fresh-surge">Solana Price Starts Fresh Surge</h2> 
Solana price formed a support base near the $138 level and started a fresh increase. SOL outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-breaks-free-63500/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-recovery-trails-bitcoin/" target="_blank" rel="noopener ">Ethereum</a> and moved into a positive zone above the $150 level. 
There was a break above a key bearish trend line with resistance at $148 on the hourly chart of the SOL/USD pair. The pair even $155 resistance and spiked above $162. A new weekly high was formed at $163.76, and the price is now consolidating gains. 
It is holding the 23.6% Fib retracement level of the upward move from the $141 swing low to the $164 high. Solana is now trading above $160 and the 100 simple moving average (4 hours). <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_37e683.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="size-full wp-image-608302" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_37e683.png?resize=1024%2C461" alt="Solana Price Starts Fresh Surge" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_37e683.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_37e683.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_37e683.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_37e683.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_37e683.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_37e683.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_37e683.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Immediate resistance is near the $165 level. The next major resistance is near the $172 level. A successful close above the $172 resistance could set the pace for another major increase. The next key resistance is near $180. Any more gains might send the price toward the $188 level. 
<h2 id="are-dips-supported-in-sol">Are Dips Supported in SOL?</h2> 
If SOL fails to rally above the $160 resistance, it could start a downside correction. Initial support on the downside is near the $158 level. The first major support is near the $152 level. 
The 50% Fib retracement level of the upward move from the $141 swing low to the $164 high is also at $152, below which the price could test $150. If there is a close below the $150 support, the price could decline toward the $138 support in the near term. 
Technical Indicators 
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. 
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. 
Major Support Levels – $158, and $152. 
Major Resistance Levels – $165, $172, and $180.

Solana Price Skyrockets by 15%: Cryptocurrency Market Surges with SOL Momentum

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