Solana (SOL) Could Regain Steam: Is a Fresh Rally Ahead?
Solana tested the $135 support and recently corrected losses. SOL price is rising and might gain bullish momentum if it clears the $144 resistance.
- SOL price is attempting a fresh increase from the $135 zone against the US Dollar.
- The price is now trading below $145 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $139 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it breaks the $145 resistance zone.
Solana Price Aims Higher
Solana price climbed above the $146 and $148 levels before the bears appeared. SOL traded as high as $152 and recently saw a fresh decline like Bitcoin and Ethereum .
The price declined below the $145 and $140 support levels. A low was formed at $135.39 and the price is now rising. There was a decent move above the $140 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $152 swing high to the $135.39 low.
There was a break above a key bearish trend line with resistance at $139 on the hourly chart of the SOL/USD pair. Solana is now trading below $145 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 $152 swing high to the $135.39 low. The next major resistance is near the $146 level. The main resistance could be $150.
Source: SOLUSD on TradingView.comA successful close above the $150 and $152 resistance levels could set the pace for another steady increase. The next key resistance is near $162. Any more gains might send the price toward the $175 level.
Another Decline in SOL?
If SOL fails to rise above the $144 resistance, 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 might send the price toward the $132 zone. If there is a close below the $132 support, the price could decline toward the $120 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $138 and $135.
Major Resistance Levels – $144 and $150.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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