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 started a recovery wave from the $125 zone, like Bitcoin and Ethereum. SOL was able to climb above the $132 and $140 resistance levels.
The price even cleared the $142 level, but it faced resistance near $145. A high was formed at $145 and the price started a downside correction. There was a move below the $142 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $125 swing low to the $145 high.
Solana is now trading above $130 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $134 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance near the $140 level. The next major resistance is near the $142 level. The main resistance could be $145. A successful close above the $145 resistance zone could set the pace for another steady increase. The next key resistance is $150. Any more gains might send the price toward the $162 level.
Another Decline in SOL?
If SOL fails to rise above the $142 resistance, it could start another decline. Initial support on the downside is near the $135 zone and the 50% Fib retracement level of the upward move from the $125 swing low to the $145 high. The first major support is near the $133 level.
A break below the $133 level might send the price toward the $125 zone. If there is a close below the $125 support, the price could decline toward the $114 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $135 and $133.
Major Resistance Levels – $142 and $145.