SOL Price Pops 10%, Can Solana Bulls Regain Strength?

Aayush Jindal

Last Updated: June 11, 2024 12:56 pm

2 mins read

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Solana started a recovery wave from the $120 zone. SOL price is rising and might accelerate higher if there is a close above the $142 resistance.

SOL price recovered higher and tested the $140 resistance against the US Dollar.
The price is now trading below $142 and the 100 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance at $132 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
The pair could start another decline if it stays below $142 and $150.

Solana Price Faces Resistance

Solana price extended losses below the $150 and $140 support levels. SOL tested the $120 zone and recently started an upside correction, like Bitcoin and Ethereum.

There was a decent increase above the $125 and $130 levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $160 swing high to the $118 low. There was a break above a key bearish trend line with resistance at $132 on the 4-hour chart of the SOL/USD pair.

It even spiked above the $140 zone and the 100 simple moving average (4 hours), but there is no hourly close. The bears are currently active near the 50% Fib retracement level of the downward wave from the $160 swing high to the $118 low.

Source: SOLUSD on TradingView.com

Solana is now trading below $142 and the 100 simple moving average (4 hours). Immediate resistance is near the $142 level. The next major resistance is near the $150 level. A successful close above the $150 resistance could set the pace for another major increase. The next key resistance is near $160. Any more gains might send the price toward the $175 level.

Another Decline in SOL?

If SOL fails to rally above the $142 resistance, it could start another decline. Initial support on the downside is near the $132 level.

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 $105 support in the near term.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $132, and $128.

Major Resistance Levels – $142, $150, and $175.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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