Solana (SOL) price started a nice recovery in 20% from the $120 support area. However, bulls should remain cautious as the price hits the critical resistance at $155.

Solana Price Gradually Climbing
After a sustained decline, Solana price found a solid support near the $120 area. The bulls became active again and protected the critical support of $120. The price formed a low at $122.75 and started a decent rebound.
Recently, VanEck filed for the first Solana exchange-traded fund (ETF) in the United States. This sparked a positive reaction in the market and the SOL price rallied above the $135 and $138 resistance levels. The price broke the 23.6% Fibonacci retracement level of the downward move from the $188.55 high to $122.75 low.

The Solana ecosystem continues to expand. This past week, a feature called Blinks was released, which allows users to make payments, exchange, mint, donate, and vote on Solana.
Solana price gained 20% in just a few days, outperforming Bitcoin and Ethereum and even breaking the critical $145 level. However, bulls must be careful as the price approaches the $155 resistance area and the 50-day simple moving average (blue line). On the daily chart, a major bearish trend line is forming with resistance at $155.00.

The trendline coincides with the 50% Fibonacci retracement level of the downside from the $188.55 high to $122.75 low. A successful close above the trendline resistance and the 50-day simple moving average (blue line) could pave the way for a steady rise.

The next important resistance is at $172, from here the bulls can target $188. An intraday close above the $188 resistance could spark another rally in SOL towards the $200 level.

SOL falls again?
Conversely, Solana might fail to break the $155 resistance and bounce down. An immediate support is near $142 and the primary support is at $138 and the recent breakout area. The next important support is near the $135 trendline.

If the bulls fail to protect $135, the price could drop to the $122 support. The main breakout support is at the $120 area. More losses could sink the price to the $100 level.

Overall, Solana price is attempting to break out of the $145 level for a fresh increase. Having said that, Solana must surpass $155 to continue its upward move in the coming days.