Solana tested the $135 support level and recently corrected losses. SOL price is rising and may gain upward momentum if it crosses the $144 resistance level.
- SOL price is trying a new increase from the $135 area against the US dollar.
- The price is now trading below the $145 level and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance at $139 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair may gain upward momentum if it breaks the $145 resistance area.
Solana price aims to rise
Solana price rose above the $146 and $148 levels before the bears showed up. SOL traded as high as $152 and recently saw new lows like Bitcoin and Ethereum.
The price fell below the $145 and $140 support levels. The bottom was formed at $135.39 and the price is now rising. There was a good move above the $140 level. The price rose above the 23.6% Fibonacci retracement level of the downward move from the swing high at $152 to the swing low at $135.39.
There was a break above the major downtrend line with resistance at $139 on the hourly chart of the SOL/USD pair. Solana is now trading below the $145 level and the 100 hourly simple moving average.
On the upside, the price is facing resistance near the $144 level. It is close to the 50% Fib retracement level of the downward move from the high of $152 to the low of $135.39. The next major resistance is near the $146 level. The main resistance could be at $150.
A successful close above the $150 and $152 resistance levels could set the pace for another steady increase. The next major resistance is near $162. Any further gains could push the price towards the $175 level.
Another drop in SOL?
If SOL fails to rise above the $144 resistance level, it could start another decline. Initial support on the downside is near the $138 level. The first major support is near the $134 level.
A break below the $135 level could send the price towards the $132 area. If there is a close below the $132 support level, the price may fall towards the $120 support level in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key Support Levels – $138 and $135.
Key resistance levels – $144 and $150.
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