Solana
A tough road ahead for SOL bulls
Solana tested the $138 zone before triggering a recovery wave. SOL price needs to break through the $150 and $155 resistance levels to begin a steady increase.
- SOL price is eyeing a bullish breakout 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 connected uptrend line forming with support at $146 on the hourly chart of SOL/USD (data source from Kraken).
- The pair could cross the resistance at $152.50 to begin a short-term uptrend.
Solana Price Eyes Steady Increase
Solana price extended losses below the $150 level as Bitcoin And Ethereum. SOL even fell below the $142 support before bulls appeared near the $138 level. A low formed at $138.01 and the price recently started a decent recovery wave.
The price was able to break through the $142 and $145 resistance levels. There was a move above the 50% Fibonacci retracement level of the downside move from the $161.89 high to $138.01 low. Solana price is now trading above $145 and the 100 hourly simple moving average. There is also a 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% Fibonacci retracement level of the downward move from the $161.89 high to $138.01 low.
A successful close above the $152.50 resistance could set the tone for another major rise. The next key resistance is near $156.50. Any further gains could push the price towards the $160 level.
Another decline in SOL?
If SOL fails to move above the $152.50 resistance, it could begin a further decline. Initial downside support is near the $145 level and the trendline.
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 to the $125 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is near the 50 level.
Key support levels – $145 and $142.
Major resistance levels – $152.50, $156.50 and $160.