Solana (SOL) Strengthens Above $135 as Market Sentiment Shifts Back Toward Bulls
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Solana (SOL) price has risen above $135, showing a recovery of 10% amidst a broader market uptrend. Key resistances are now at $140 and $142, with potential for further gains if these levels are overcome. However, a failure to clear $140 might lead to a decline towards $134 and lower support levels.
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Solana started a recovery wave above the $135 zone. SOL price is now consolidating and faces hurdles near the $140 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 $138 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price could continue to move up if it clears $140 and $142.
Solana Price Jumps 10%
Solana price remained stable and started a decent recovery wave above $130, like Bitcoin and Ethereum. SOL was able to climb above the $135 level.
There was a move above the 61.8% Fib retracement level of the downward move from the $145 swing high to the $123 low. Besides, there was a break above a key bearish trend line with resistance at $138 on the hourly chart of the SOL/USD pair.
Solana is now trading above $135 and the 100-hourly simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $145 swing high to the $123 low. On the upside, immediate resistance is near the $140 level.
The next major resistance is near the $142 level. The main resistance could be $145. A successful close above the $145 resistance zone could set the pace for another steady increase. The next key resistance is $155. Any more gains might send the price toward the $162 level.
Another Decline In SOL?
If SOL fails to rise above the $140 resistance, it could continue to move down. Initial support on the downside is near the $136 zone and the same trend line. The first major support is near the $134 level.
A break below the $134 level might send the price toward the $128 support zone. If there is a close below the $128 support, the price could decline toward the $120 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 – $136 and $134.
Major Resistance Levels – $140 and $142.
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