Solana tested the USD 135 support and recently corrected losses. SOL price is rising and could gain bullish momentum if the USD 144 resistance is cleared.
- The SOL price is attempting a new increase from the $135 zone against the US dollar.
- The price is now trading below $145 and the 100-hour moving average.
- There was a break above a key bearish trendline with resistance at $139 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could gain bullish momentum if it breaks the $145 resistance zone.
Solana Price aims higher
Solana price climbed above the USD 146 and USD 148 levels before the bears appeared. SOL traded as high as $152 and recently saw another decline, as did Bitcoin and Ethereum.
The price fell below the USD 145 and USD 140 support levels. A low was formed at $135.39 and the price is now rising. There was quite a move above the USD 140 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $152 swing high to the $135.39 low.
There was a break above a key bearish trendline with resistance at $139 on the hourly chart of the SOL/USD pair. Solana is now trading below $145 and the 100-hour moving average.
On the upside, the price is facing resistance around the $144 level. It is close to the 50% Fib retracement level of the downward move from the $152 swing high to the $135.39 low. The next major resistance is around the $146 level. The key resistance could be at $150.
A successful close above the USD 150 and USD 152 resistance levels could set the pace for another steady rise. The next major resistance is near $162. Any further gains could send the price towards the USD 175 level.
Another drop in the SOL?
If SOL fails to rise above the USD 144 resistance, it could trigger another decline. The initial downside support is near the $138 level. The first major support is near the $134 level.
A break below the $135 level could send the price towards the $132 zone. If there is a close below the USD 132 support, the price could fall towards the USD 120 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major support levels – USD 138 and USD 135.
Major resistance levels – $144 and $150.