Solana starts its recovery journey from the $120 region. SOL price shows an upward trend and is expected to move towards the $150 resistance level
SOL price started to break the $125 level against the US Dollar. The current price is above $128 and the 100 hourly simple moving average
A connecting bullish trend line has formed with support at $130 on the hourly chart of the SOL/USD pair.
If the pair succeeds in clearing the $138 resistance area, it is likely to gain bullish momentum
Solana price continued to fall
Solana price built a support base above $120 and started a recovery wave just like Bitcoin and Ethereum. SOL traded above the $125 and $128 resistance levels.
The price even climbed above $132 and it also tested the critical resistance level of $138. The price formed a high at $137 and it is currently consolidating gains. The price slightly declined below $135 and it dipped to the 23.6% Fibonacci retracement level of the up move from the $120 swing low to $137 high.
Solana is currently trading above the $130 level and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support at $130 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance near the $135 level. The next major resistance is near the $138 level. A successful close above the $135 and $138 resistance levels could set the stage for another steady increase. The next key resistance is near the $142 level. Any further gains could push the price towards the $150 level.
Will SOL decline again?
If SOL fails to clear the $138 resistance, then there could be another decline. An initial support on the downside is near the $130 level and the trend line. The first major support is near the $126 level and the 61.8% Fibonacci retracement level of the upward move from the $120 swing low to $137 high.
A break below the $126 level could sink the price to $120. If there is a close below the $120 support, the price could decline towards the $110 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $130 and $126.
Major Resistance Levels – $135 and $138.
