Solana (SOL) Price Eyes Major Breakout as USDT Becomes Available on Allbridge

Solana (SOL) is rising above $150. The bulls could gain strength if there is a close above the $162 resistance zone.

Solana (SOL) price gained bullish momentum above the key $150 resistance. A clear break above the $160 and $162 resistances could lead SOL towards a massive rally.

Solana price showed strength above the pivotal $132 support, which triggered a decent recovery rally. The price quickly rose above the $142 and $145 resistance levels. Moreover, buyers pushed the price above the 50% Fib retracement level of the downward move from the $162.10 swing high to the $133.52 low.

Solana is now gaining bullish strength above the 50-day simple moving average (blue) and $148. Now, it is consolidating near the 76.4% Fib retracement level of the downward move from the $162.10 swing high to the $133.52 low.

Immediate resistance sits near the $158 level. The first major resistance is near the $160 level. A clear move above the $160 level could send SOL towards the main hurdle at $162.

A successful daily close above the $162 resistance and then a follow-up move above the $168 level could spark heavy bullish moves. The next major resistance is at $180 or the 1.618 Fib extension level of the downward move from the $162.10 swing high to the $133.52 low, above which the bulls might aim for $185.

Recently, Solana announced that USDT is now available on Allbridge. It allows users to easily bridge USDT to other stablecoins from EVM to Solana natively.

Solana USDT is now available on @Allbridge_io 🔥With Allbridge Core, you can easily bridge @Tether_to and other stablecoins from EVM to Solana natively. https://t.co/6wtrFOlFlF pic.twitter.com/qCwFbowRtB

Another Rejection for SOL?

Conversely, Solana price might again fail to surpass the $162 resistance and trim gains. Immediate support is near the $148 level. The first major support sits near the $142 level. There is also a connecting bullish trend line forming with support at $140 on the daily chart.

The next major support is near the $132 level. A downside break below the $132 support might resend the price toward the main support at $120 (a multi-touch zone). Any more losses could send SOL toward the $108 support.

Overall, Solana price is gaining strength above $150. However, SOL must settle above $160 and $162 to set the stage for a larger increase in the coming days.