SOL price attempted to form a rebound above $132. However, SOL bears held the upside above $135 and the price started to decline again like BTC and ETH.
It broke below the $130 and $125 support levels.
A low was formed at $123.24 and the price is currently in a downtrend. On the SOL hourly level, a connecting bearish trend line has also been formed with resistance at $130.
If a recovery wave occurs, the price is likely to face resistance near $126.50 or at the 23.6% Fibonacci retracement level of the down move from the $136.65 high to $123.24 low.
An immediate resistance is near $128.50. The next major resistance is near $130.00 or at the trendline. It is close to the 50% Fibonacci retracement level of the downward move from the $136.65 swing high to $123.24 low.
A successful close above the $130.00 resistance level could set the stage for another steady rise. The next key resistance level is near $132.50. If the upward movement continues, the price could drop to the $136.50 level.
Here we have been talking about this SOL, which has been recharging faith. As mentioned earlier, our position for covering positions is around 118. Now I see that we are about to reach our position for covering positions. Pay attention to it in the near future.
Important points to pay attention to at the hourly level:
Hourly MACD – MACD for SOL/USD is accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – RSI for SOL/USD is below 20 levels.
Major support levels – $122.00 and $120.00.
The main resistance levels – $126.50, and $132.50.
