Solana Price Consolidates Above $150 with Resistance at $154

Solana (SOL) Price Update

SOL price is consolidating gains after starting an increase from the $140 support zone.
The price rose above $142 and $145, currently trading above $150 and the 100-hourly simple moving average.
A break occurred above a bearish trend line at $149 on the hourly chart of the SOL/USD pair.
If SOL clears the $154 resistance, further increases are possible.

Current Market Position

The price reached a high of $153.90 but has since dipped below $152, testing the 23.6% Fib retracement level from the $140 low to the $154 high. Resistance is noted near $152, with major resistance at $154 and $158. A close above $158 could lead to a rise towards $165 and potentially $180.

Potential Downside Risks

If SOL does not surpass the $154 resistance, it may decline. Initial support is at $150, with significant support at $147. A drop below $147 could push the price toward $145 and the 50% Fib retracement level, possibly down to the $140 support.

Technical indicators show:

MACD for SOL/USD is bullish.
RSI is above 50.
Major support levels are $147 and $145.
Major resistance levels are $154 and $158.