Solana tested the $138 zone before a recovery wave started. SOL price needs to overcome the USD 150 and USD 155 resistance levels to start a steady rise.
- SOL price is expecting an upside break above the USD 150 resistance against the US dollar.
- The price is now trading above $145 and the 100-hour moving average.
- A connecting bullish trendline is forming with support at $146 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could break the resistance at $152.50 to start a short-term uptrend.
Solana Price sees a steady rise
Solana price extended losses below the $150 level like Bitcoin and Ethereum. SOL even fell below the $142 support before the bulls emerged near the $138 level. A low was formed at $138.01 and the price recently started quite a recovery wave.
The price was able to break the USD 142 and USD 145 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $161.89 swing high to the $138.01 low. The Solana price is now trading above $145 and the 100-hour moving average. A connecting bullish trendline is also forming with support at $146 on the hourly chart of the SOL/USD pair.
The immediate resistance is near the USD 150 level. The next major resistance is near the $152.50 level or the 61.8% Fib retracement level of the downward move from the $161.89 swing high to the $138.01 low.
A successful close above the $152.50 resistance could set the pace for another big move higher. The next major resistance is near $156.50. Any further gains could send the price towards the USD 160 level.
Another drop in the SOL?
If SOL fails to break above the USD 152.50 resistance, it could trigger another decline. The initial downside support is near the $145 level and the trendline.
The first major support is near the USD 142 level, below which the price could test USD 138. If there is a close below the USD 132 support, the price could fall towards the USD 125 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 near the 50 level.
Major support levels – USD 145 and USD 142.
Major resistance levels – $152.50, $156.50 and $160.