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 started a recovery wave above the $120 resistance zone. SOL price is now consolidating and might struggle to recover above the $132 resistance.
- SOL price started a fresh decline below the $150 and $140 levels against the US Dollar.
- The price is now trading below $130 and the 100-hourly simple moving average.
- There is a short-term rising channel forming with support at $124 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if the bulls clear the $132 zone.
Solana Price Faces Resistance
Solana price struggled to clear the $155 resistance and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $140 and $132 support levels.
It even dived below the $120 level. The recent low was formed at $114 before the price recovered some losses. It climbed above the $120 and $122 levels. The price surpassed the 23.6% Fib retracement level of the downward move from the $151 swing high to the $114 swing low.
Solana is now trading below $130 and the 100-hourly simple moving average. There is also a short-term rising channel forming with support at $124 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance near the $128 level. The next major resistance is near the $130 level. The main resistance could be $132 and the 50% Fib retracement level of the downward move from the $151 swing high to the $114 swing low.
A successful close above the $132 resistance zone could set the pace for another steady increase. The next key resistance is $140. Any more gains might send the price toward the $150 level.
Another Decline in SOL?
If SOL fails to rise above the $132 resistance, it could start another decline. Initial support on the downside is near the $124 zone. The first major support is near the $120 level.
A break below the $120 level might send the price toward the $114 zone. If there is a close below the $114 support, the price could decline toward the $100 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 – $124 and $120.
Major Resistance Levels – $128 and $132.
