Solana Price Faces Uphill Task: Tough Road Ahead For SOL Bulls

Aayush Jindal

1 year ago

2 mins read

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Solana tested the $138 zone before it started a recovery wave. SOL price must clear the $150 and $155 resistance levels to start a steady increase.

SOL price is eyeing an upside break above the $150 resistance against the US Dollar.
The price is now trading above $145 and the 100-hourly simple moving average.
There is a connecting bullish trend line forming with support at $146 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could clear the $152.50 resistance to start a short-term uptrend.

Solana Price Eyes Steady Increase

Solana price extended losses below the $150 level like Bitcoin and Ethereum. SOL even declined below the $142 support before the bulls appeared near the $138 level. A low was formed at $138.01 and the price recently started a decent recovery wave.

The price was able to clear the $142 and $145 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $161.89 swing high to the $138.01 low. Solana price is now trading above $145 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $146 on the hourly chart of the SOL/USD pair.

Immediate resistance is near the $150 level. The next major resistance is near the $152.50 level or the 61.8% Fib retracement level of the downward move from the $161.89 swing high to the $138.01 low.

Solana Price — Source: SOLUSD on TradingView.com

A successful close above the $152.50 resistance could set the pace for another major increase. The next key resistance is near $156.50. Any more gains might send the price toward the $160 level.

Another Decline in SOL?

If SOL fails to rally above the $152.50 resistance, it could start another decline. Initial support on the downside is near the $145 level and the trend line.

The first major support is near the $142 level, below which the price could test $138. If there is a close below the $132 support, the price could decline toward the $125 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is near the 50 level.

Major Support Levels – $145, and $142.

Major Resistance Levels – $152.50, $156.50, and $160.

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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