Solana

Bitcoin

Resistance

Solana tested the $138 zone before it started a recovery wave. SOL price must clear the $150 and $155 resistance levels to start a steady increase. 
<ul> 
 <li>SOL price is eyeing an upside break above the $150 resistance against the US Dollar.</li> 
 <li>The price is now trading above $145 and the 100-hourly simple moving average.</li> 
 <li>There is a connecting bullish trend line forming with support at $146 on the hourly chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could clear the $152.50 resistance to start a short-term uptrend.</li> 
</ul> 
<h2 id="solana-price-eyes-steady-increase">Solana Price Eyes Steady Increase</h2> 
Solana price extended losses below the $150 level like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-decline-65k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-outperforms-bitcoin-3650/" target="_blank" rel="noopener ">Ethereum</a>. SOL even declined below the $142 support before the bulls appeared near the $138 level. A low was formed at $138.01 and the price recently started a decent recovery wave. 
The price was able to clear the $142 and $145 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $161.89 swing high to the $138.01 low. Solana price is now trading above $145 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $146 on the hourly chart of the SOL/USD pair. 
Immediate resistance is near the $150 level. The next major resistance is near the $152.50 level or the 61.8% Fib retracement level of the downward move from the $161.89 swing high to the $138.01 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_75717f.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-624968 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_75717f.png?resize=1024%2C461" alt="Solana Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_75717f.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_75717f.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_75717f.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_75717f.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_75717f.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_75717f.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_75717f.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A successful close above the $152.50 resistance could set the pace for another major increase. The next key resistance is near $156.50. Any more gains might send the price toward the $160 level. 
<h2 id="another-decline-in-sol">Another Decline in SOL?</h2> 
If SOL fails to rally above the $152.50 resistance, it could start another decline. Initial support on the downside is near the $145 level and the trend line. 
The first major support is near the $142 level, below which the price could test $138. If there is a close below the $132 support, the price could decline toward the $125 support in the near term. 
Technical Indicators 
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone. 
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is near the 50 level. 
Major Support Levels – $145, and $142. 
Major Resistance Levels – $152.50, $156.50, and $160.

Solana Price Faces Uphill Task: Tough Road Ahead For SOL Bulls

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