Solana (SOL) is showing strong signs of an uptrend as it surpasses the $150 level and the 50-day simple moving average. If it can break above $162, the price could potentially jump by 20%.

Over the past few days, Solana has experienced a decent upward movement, breaking through the $140 resistance zone. This bullish momentum in the crypto market has also pushed Bitcoin, Ethereum, XRP, SOL, and other major altcoins higher. During this surge, SOL cleared a significant bearish trend line with resistance at $146.50 on the daily chart.

Furthermore, the price successfully closed above the $150 resistance zone and the 50-day simple moving average. It also surpassed the 50% Fib retracement level of the previous downward move from the swing high of $188.55 to the low of $121.22.

Currently, Solana has tested the $162 resistance level, where the bears have shown some activity near the 61.8% Fib retracement level. However, the overall price action suggests a positive outlook, with potential for further upside. The immediate resistance is around $162, followed by a major resistance at $172. A daily close above $162, followed by a move above $172, could set the stage for another rally.

If the bulls continue to gain momentum, the next major resistance lies at $188, and further gains could potentially push SOL towards the $192 and $200 levels.

In a recent semi-annual report by Everstake, several key points were highlighted regarding Solana’s status as a global network. This includes over 5,400 nodes spread across 43 countries and 237 cities, with a 100% uptime and Stake-weighted Quality of Service (QoS).

However, there is a possibility of a downside correction if Solana fails to break above the $162 resistance. The immediate support level is around $150 and the 50-day simple moving average. The first major support lies at $142, which is also the recent breakout zone. If the price breaks and closes below $142, it could trigger significant bearish movement, potentially leading to a decline towards the $130 support level. The main support for the uptrend remains at $120.

Overall, the price of SOL is currently aiming for another upward breakthrough above $162. If successful, a rally of 20% could occur, with the $188 resistance level being the next target.