đ„đ„đ„ Solana ($SOL ) Could Regain Steam: Is a Fresh Rally Ahead?
Solana recently tested the $135 support before correcting its losses. SOL's price is now rising and could gain bullish momentum if it successfully breaks through the $144 resistance level.
Key points:
1. Solana is making a fresh attempt at a price increase from the $135 zone against the US Dollar.
2. The price is trading below $145 and the 100-hourly simple moving average.
3. A breakout above a key bearish trend line with resistance near $139 was observed on the hourly SOL/USD chart (data from Kraken).
4. The pair could gain momentum if it breaks the $145 resistance zone.
Solana Price Targets Higher Levels
- After previously reaching $152, Solanaâs price faced a fresh decline, similar to Bitcoin and Ethereum, dropping below $145 and $140 support zones. A low of $135.39 was formed before the price started rising again. SOL moved above $140 and reclaimed the 23.6% Fib retracement level from the $152 high to the $135.39 low.
- Additionally, a break occurred above the bearish trend line with resistance at $139 on the hourly chart. SOL is now trading below $145 and the 100-hourly simple moving average.
- SOL faces resistance near $144, followed by $146 and a key level at $150. A close above the $150â$152 zone could trigger a rise toward $162, with potential gains up to $175.
Downside Risks for Solana
- If SOL struggles to break the $144 resistance, it may face another decline. Initial support lies near $138, with a significant support zone at $134. A break below $135 could send the price toward the $132 zone, and a close below this level might lead to a drop toward $120.
Technical Indicators
- Hourly MACD: Gaining pace in the bullish zone.
- Hourly RSI: SOL/USDâs RSI is above 50, indicating positive momentum.
- Major Support Levels: $138 and $135.
- Major Resistance Levels: $144 and $150.
Source - newsbtc.com
