Solana started a recovery wave above the $132 resistance zone. SOL price is now consolidating and might struggle to recover above the $150 resistance.
- SOL price started a recovery wave from the $125 support zone against the US Dollar.
- The price is now trading above $130 and the 100-hourly simple moving average.
- There is a connecting bullish trend line forming with support at $134 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if the bulls clear the $142 zone.
Solana Price Faces Resistance
Solana price has begun a recovery wave from the $125 support zone, continuing a trend seen in major cryptocurrencies like Bitcoin and Ethereum. SOL has climbed past the $132 and $140 resistance levels, demonstrating strength in the face of current market conditions.
After surpassing the $142 mark, the price encountered resistance near $145, forming a high before undergoing a corrective phase. This correction saw the price dip below the $142 level and the 23.6% Fibonacci retracement level of the upward move from the $125 swing low to the $145 high.
Currently, Solana is trading above $130 and the 100-hourly simple moving average. A bullish trend line is forming with notable support at $134 on the hourly chart of the SOL/USD pair, suggesting that a price increase is possible if buyers can break through the $142 resistance level once again.
On the upside, SOL price is encountering resistance near the $140 level, with the next significant resistance being in the vicinity of $142. A successful close above this resistance could pave the way for further gains, with the $150 price point as the next key target. Substantial upward momentum could potentially drive the price toward the $162 level.
Another Decline in SOL?
Should SOL fail to breach the $142 resistance, the potential for another downturn exists. Initial support is positioned near the $135 level, along with the 50% Fibonacci retracement level of the upward move from the $125 swing low to the $145 high. The first major support area to monitor is around $133.
A drop below the $133 threshold may bring the price down toward the $125 zone. In the event of a close beneath the $125 support level, further declines towards the $114 support may be anticipated in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is currently below the 50 level.
Major Support Levels – $135 and $133.
Major Resistance Levels – $142 and $145.
