Solana started a recovery wave from the $120 area. Solana price is rising and may target the move towards the $150 resistance level.
- SOL price started a recovery wave above the $125 level against the US Dollar.
- The price is now trading above the $128 level and the 100-hour simple moving average.
- There is a connected bullish trend line forming with support at $130 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair may gain upward momentum if it breaks the $138 resistance zone.
Solana Price Extends Losses
Solana price formed a support base above $120 and started a recovery wave like Bitcoin and Ethereum. SOL was trading above the $125 and $128 resistance levels.
The price even rose above $132 and tested the major barrier at $138. A high was formed at $137 and the price is now consolidating its gains. There was a slight decline below $135 and the 23.6% Fib retracement level of the upward move from the $120 swing low to $137 swing high.
Solana is now trading above the $130 level and the 100-hour simple moving average. A connected bullish trend line is forming with a support level at $130 on the hourly chart of the Solana/USD pair.
On the upside, the price is facing resistance near the $135 level. The next major resistance is near the $138 level. A successful close above the $135 and $138 resistance levels could set the pace for another steady rise. The next major resistance is near $142. Any further gains could push the price towards the $150 level.
Another drop in SOL?
If SOL fails to rise above the $138 resistance level, it could start a downward trend again. The initial support on the downside is near the $130 level and the trend line. The first major support is near the $126 level and the 61.8% Fib retracement level of the upward move from the $120 swing low to $137 high.
A break below the $126 level could push the price towards $120. If there is a close below the $120 support level, the price could decline towards the $110 support level 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 the SOL/USD pair is above the 50 level.
Key support levels – $130 and $126.
Key resistance levels – $135 and $138.