Solana, a notable altcoin since November 2023, has made a significant leap in the cryptocurrency market. The SOL coin price has surged by approximately 15% above the $150 resistance, currently trading around $162. This upward trend is marked by a break above a significant downtrend line at the $148 resistance level, indicating a potential continuation of its rise.

Solana's price has formed a support base near the $138 level and entered a new upward trend, outperforming Bitcoin and Ethereum. The pair has successfully surpassed the $155 resistance and risen above $162, recording a new weekly high at $163.90.

The price is currently consolidating gains, with immediate resistance levels at $165 and $172. A successful close above the $172 resistance could pave the way for a larger increase, potentially directing the price towards the $200 level.

However, if SOL fails to surpass the $165 resistance, a downward correction may ensue. The initial support on the downside will be around $158, with a larger support forming around $152. A move below this level could cause the price to test $150, and a close below the $150 support level may lead to a pullback towards the $138 support level in the near term.