Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Solana declined and tested the $128 support zone. SOL price is consolidating losses and might aim for a fresh increase above the $132 resistance.
- SOL price started a consolidation phase from the $128 zone against the US Dollar.
- The price is now trading below $135 and the 100-hourly simple moving average.
- There is a connecting bearish trend line forming with resistance at $132 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $132 resistance zone.
Solana Price Holds Support
Solana price started a fresh decline from the $140 resistance zone like Bitcoin and Ethereum. SOL declined below the $135 and $132 support levels. It even tested $128.
A low was formed at $128.85 and the price is now consolidating losses. There was a minor increase above the $130 level. The price even tested the 23.6% Fib retracement level of the downward move from the $139.83 swing high to the $128.85 low.
Solana is now trading below $132 and the 100-hourly simple moving average. There is also a connecting bearish trend line forming with resistance at $132 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance near the $132 level. The next major resistance is near the $135 level or the 50% Fib retracement level of the downward move from the $139.83 swing high to the $128.85 low. A successful close above the $132 and $135 resistance levels could set the pace for another steady increase. The next key resistance is near $140. Any more gains might send the price toward the $150 level.
More Downsides in SOL?
If SOL fails to rise above the $132 resistance, it could start another decline. Initial support on the downside is near the $130 level. The first major support is near the $128 level.
A break below the $128 level might send the price toward the $120 zone. If there is a close below the $120 support, the price could decline toward the $110 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bearish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is near the 50 level.
Major Support Levels – $130 and $128.
Major Resistance Levels – $132 and $135.
