Solana started a recovery wave from the $120 zone. SOL price is rising and could target a move towards the USD 150 resistance level.
- The SOL price started a recovery wave above the $125 level against the US dollar.
- The price is now trading above $128 and the 100-hour moving average.
- A connecting bullish trendline is forming with support at $130 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could gain bullish momentum if it crosses the $138 resistance zone.
Solana Price Extends Losses
Solana price formed a support base above the $120 level and started a recovery wave like Bitcoin and Ethereum. SOL traded above the USD 125 and USD 128 resistance levels.
The price even climbed above USD 132 and tested the key barrier at USD 138. A high was reached at $137 and the price is now consolidating gains. There was a small decline below $135 and the 23.6% Fib retracement level of the upward move from the $120 swing low to the $137 high.
Solana is now trading above $130 and the 100-hour moving average. A connecting bullish trendline is also forming with support at $130 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance around the $135 level. The next major resistance is around the $138 level. A successful close above the USD 135 and USD 138 resistance levels could set the pace for another steady rise. The next major resistance is near $142. Any further gains could send the price towards the USD 150 level.
Another drop in the SOL?
If SOL fails to rise above the USD 138 resistance, it could trigger another decline. The initial downside support is near the $130 level and the trendline. The first major support is near the $126 level and the 61.8% Fib retracement level of the upward move from the $120 swing low to the $137 high.
A break below the USD 126 level could send the price towards USD 120. 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 bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major support levels – USD 130 and USD 126.
Major resistance levels – $135 and $138.
