Solana
SOL Price Rises 10%, Can Solana Bulls Regain Strength?
Solana started a recovery wave from the $120 area. SOL price is rising and could accelerate higher if there is a close above the $142 resistance.
- SOL price recovered and tested the $140 resistance against the US Dollar.
- The price is now trading below $142 and the 100 simple moving average (4-hours).
- There was a break above a key downtrend line with resistance at $132 on the 4-hour chart of SOL/USD (data source from Kraken).
- The pair could begin a further decline if it remains below $142 and $150.
Solana Price Faces Resistance
Solana price extended losses below the $150 and $140 support levels. SOL tested the $120 zone and recently started an upward correction, as Bitcoin And Ethereum.
There was a decent increase above the $125 and $130 levels. The price climbed above the 23.6% Fibonacci retracement level of the descending wave from the $160 high to $118 low. There was a break above a key downtrend line with resistance at $132 on the 4-hour chart of the SOL/USD pair.
It even surpassed the $140 area and the 100 simple moving average (4-hours), but there is no hourly close. The bears are currently active near the 50% Fibonacci retracement level of the bearish wave from the $160 high to $118 low.
Source: SOLUSD on TradingView.com
Solana is now trading below $142 and the 100 simple moving average (4-hours). Immediate resistance is near the $142 level. The next major resistance is near the $150 level. A successful close above the $150 resistance could set the tone for another major rise. The next key resistance is near $160. Any further gains could push the price towards the $175 level.
Another decline in SOL?
If SOL fails to move above the $142 resistance, it could begin a further decline. Initial downside support is near the $132 level.
The first major support is near the $128 level, below which the price could test $120. If there is a close below the $120 support, the price could decline to the $105 support in the near term.
Technical indicators
4-hour MACD – The MACD for SOL/USD is accelerating into the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key support levels – $132 and $128.
Major resistance levels – $142, $150 and $175.