Solana (SOL) Aims Recovery Run, $155 Resistance Now Back in Focus
Solana started a recovery wave above the $ 132 zone. SOL price is now consolidating and faces hurdles near the $ 145 zone.
- SOL price started a decent recovery wave above $ 135 and $ 140 against the US Dollar.
- The price is now trading above $ 140 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $ 140 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price could continue to move up if it clears $ 145 and $ 150.
Solana Price Aims Higher Levels
Solana price remained stable and started a decent recovery wave above $ 130, beating Bitcoin and Ethereum. SOL was able to climb above the $ 135 level.
There was a move above the 23.6% Fib retracement level of the downward move from the $ 172 swing high to the $ 129 low. Besides, there was a break above a key bearish trend line with resistance at $ 140 on the hourly chart of the SOL/USD pair.
Solana is now trading above $ 140 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $ 145 level. The next major resistance is near the $ 150 level.
The main resistance could be $ 155 and the 61.8% Fib retracement level of the downward move from the $ 172 swing high to the $ 129 low. A successful close above the $ 155 resistance zone could set the pace for another steady increase. The next key resistance is $ 165. Any more gains might send the price toward the $ 172 level.
Another Drop In SOL?
If SOL fails to rise above the $ 150 resistance, it could continue to move down. Initial support on the downside is near the $ 138 zone. The first major support is near the $ 135 level.
A break below the $ 135 level might send the price toward the $ 128 support zone. If there is a close below the $ 128 support, the price could decline toward the $ 120 zone 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 – $ 138 and $ 135.
Major Resistance Levels – $ 150 and $ 155.