Solana broke above the $142 resistance zone amid broader cryptocurrency market gains, with technical indicators now pointing toward a potential test of the $150 level as traders watch for confirmation of sustained bullish momentum.
What Happened: SOL Clears Key Resistance
The token climbed past both $142 and $145 resistance levels against the U.S. dollar, reaching a high of $148 before entering a consolidation phase. The move followed Bitcoin and Ethereum higher after settling above the $135 zone.
Solana now trades above its 100-hourly simple moving average, with a bullish trend line forming at $140 support on the hourly chart.
The price has retraced slightly below the 23.6% Fibonacci level of the upward move from the $138 swing low to the $148 high.
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Why It Matters: $150 Level In Focus
Technical analysis suggests that clearing the $150 resistance could set the stage for a rally toward $155, with subsequent targets at $162 and $170.
The hourly MACD is gaining momentum in bullish territory while the RSI holds above 50.
On the downside, failure to break $148 could trigger a pullback toward $144 initial support, with $143 representing the 50% Fibonacci retracement level. A close below $140 would expose the token to a decline toward $135.
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