Rally

Solana

Resistance

Solana started strong increase above the $135 resistance. SOL price is up over 10% on the ETF hopes and it might rise further toward $162. 
<ul> 
 <li>SOL price started a steady increase and cleared the $142 resistance against the US Dollar.</li> 
 <li>The price is now trading above $142 and the 100-hourly simple moving average.</li> 
 <li>There is a connecting bullish trend line forming with support at $142 on the hourly chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could correct lower and find bids near the $140-$142 zone.</li> 
</ul> 
<h2 id="solana-price-starts-fresh-rally-on-etf-fillings">Solana Price Starts Fresh Rally On ETF Fillings</h2> 
Solana price formed a base above the $125 level and started a fresh increase. SOL broke many hurdles near the $135 and $140 levels to move into a positive zone. It gained over 10%, cleared the $145 resistance, and outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovery-62400/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-upside-3480/" target="_blank" rel="noopener ">Ethereum</a>. 
A high was formed at $150.93 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $135 swing low to the $151 high. 
Solana is now trading well above the $142 level and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $142 on the hourly chart of the SOL/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $135 swing low to the $151 high. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_661326.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-626825 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_661326.png?resize=1024%2C461" alt="Solana Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_661326.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_661326.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_661326.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_661326.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_661326.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_661326.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_661326.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
If there is another increase, the price might face resistance near the $150 level. The next major resistance is near the $152 level. A successful close above the $152 resistance could set the pace for another steady increase. The next key resistance is near $162. Any more gains might send the price toward the $175 level. 
<h2 id="are-dips-supported-in-sol">Are Dips Supported in SOL?</h2> 
If SOL fails to rise above the $152 resistance, it could start another decline. Initial support on the downside is near the $145 level. 
The first major support is near the $142 level and the trend line, below which the price could test $140. If there is a close below the $140 support, the price could decline toward the $128 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 – $145, and $142. 
Major Resistance Levels – $152 and $162.

Solana (SOL) Rockets Over 10%: Analyzing The Bullish Trend

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