Solana declined and tested the support zone at $128. The SOL price is consolidating the losses and could aim for a fresh rise above the resistance at $132.
- The SOL price entered a consolidation phase from the $128 zone against the US dollar.
- The price is now trading below $135 and the 100-hour moving average.
- A connecting bearish trendline is forming with resistance at $132 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could gain bullish momentum if it crosses the $132 resistance zone.
Solana Price retains support
Solana price started a new decline from the USD 140 resistance zone like Bitcoin and Ethereum. SOL fell below the USD 135 and USD 132 support levels. It tested as high as $128.
A low was formed at $128.85 and the price is now consolidating losses. There was a small increase above the USD 130 level. The price even tested the 23.6% Fib retracement level of the downward move from the $139.83 swing high to the $128.85 low.
Solana is now trading below $132 and the 100-hour moving average. A connecting bearish trendline is also forming with resistance at $132 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance around the $132 level. The next major resistance is near the $135 level or the 50% Fib retracement level of the downward move from the $139.83 swing high to the $128.85 low. A successful close above the USD 132 and USD 135 resistance levels could set the pace for another steady rise. The next major resistance is near USD 140. Any further gains could send the price towards the USD 150 level.
More disadvantages in SOL?
If SOL fails to rise above the $132 resistance, it could trigger another decline. The initial downside support is near the USD 130 level. The first major support is near the $128 level.
A break below the USD 128 level could send the price towards the USD 120 zone. If there is a close below the $120 support, the price could fall towards the $110 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is near the 50 level.
Major support levels – USD 130 and USD 128.
Major resistance levels – $132 and $135.