Solana started a recovery wave from the $128 zone. SOL price is up over 6% and the bulls seem to be aiming to reclaim the $150 level.
■ SOL price started a decent upward move above the $132 resistance against the US Dollar.
■ The price is now trading above $135 and the 100-hourly simple moving average.
■ There was a break above a key bearish trend line with resistance at $136 on the hourly chart of the SOL/USD pair (data source from Kraken).
■ The pair could continue to rise toward $150 or even $155 in the near term.
Solana Price Trims Some Losses
Solana price managed to stay above the $120 pivot level. SOL formed a base above the $128 level and recently started a decent recovery wave, outperforming Bitcoin and Ethereum in the past two sessions.
There was a move above the $132 and $135 resistance levels. The price cleared the 61.8% Fib retracement level of the downward move from the $144.15 swing high to the $127.88 low. There was also a break above a key bearish trend line with resistance at $136 on the hourly chart of the SOL/USD pair.
Solana is now trading above the $135 level and the 100-hourly simple moving average. It is now attempting a close above the 76.4% Fib retracement level of the downward move from the $144.15 swing high to the $127.88 low.
On the upside, the price might face resistance near the $144 level. The next major resistance is near the $150 level. A successful close above the $150 resistance could set the pace for another steady increase. The next key resistance is near $155. Any more gains might send the price toward the $162 level.
Another Decline in SOL?
If SOL fails to rise above the $144 resistance, it could start another decline. Initial support on the downside is near the $136 level and the 100-hourly simple moving average.
The first major support is near the $128 level, below which the price could test $120. If there is a close below the $120 support, the price could decline toward the $112 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $136 and $128.
Major Resistance Levels – $144 and $150.
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
