Solana Price Consolidates Above $145 with Potential Surge Ahead

Solana (SOL) Price Update

SOL price increased from the $142 support zone, trading above $145 and the 100-hourly simple moving average.
A short-term contracting triangle is forming with resistance at $152 on the hourly chart.
Clearing the $155 resistance could lead to further price increases.

Current Market Situation

Solana established a base above $135, rising past the $140 and $142 levels. A peak was reached at $153.30 before a pullback occurred, with current consolidation above the 23.6% Fib retracement level from the recent downward movement.

Resistance levels: $149.50, $150, and $152.
Potential for a steady increase if the price closes above $152, targeting $155 and possibly $165.

Potential Downside Risks

If SOL does not surpass the $150 resistance, it may decline. Initial support is around $147, with major support at $145.

A break below $145 could lead to a drop towards $138.
A close below $138 may push the price down to $132.

Technical Indicators

Hourly MACD indicates decreasing bullish momentum.
RSI is below the 50 level.

Major support levels are at $147 and $145, while major resistance levels are at $150 and $155.