Solana started a recovery wave from the $128 zone. SOL price is now consolidating and faces hurdles near the $142 zone.
- SOL price started a decent recovery wave above $132 and $135 against the US Dollar.
- The price is now trading above $135 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $137 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price could continue to move up if it clears $142 and $145.
Solana Price Eyes Steady Recovery
Solana price remained stable and started a decent recovery wave from $128, like Bitcoin and Ethereum. SOL was able to climb above the $132 pivot level.
There was a move above the 23.6% Fib retracement level of the downward move from the $172 swing high to the $128 low. Besides, there was a break above a key bearish trend line with resistance at $137 on the hourly chart of the SOL/USD pair.
Solana is now trading above $132 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $142 level. The next major resistance is near the $145 level.
The main resistance could be $150 and the 50% Fib retracement level of the downward move from the $172 swing high to the $128 low. A successful close above the $150 resistance zone could set the pace for another steady increase. The next key resistance is $162. Any more gains might send the price toward the $165 level.
Another Decline In SOL?
If SOL fails to rise above the $142 resistance, it could continue to move down. Initial support on the downside is near the $135 zone. The first major support is near the $132 level.
A break below the $132 level might send the price toward the $125 support zone. If there is a close below the $125 support, the price could decline toward the $112 zone in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $135 and $132.
Major Resistance Levels – $142 and $145.
