Solana started a new increase above the $130 zone. SOL price is now consolidating above USD 132 and could aim for more gains above the USD 138 zone.
- SOL price started a new upward move above the USD 130 and USD 132 levels against the US dollar.
- The price is now trading above USD 132 and the 100-hour moving average.
- A bullish trendline is forming with support at $135 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could extend gains if it breaks the $140 resistance zone.
Solana Prize Gains Momentum
Solana price started a decent increase after it broke above the $125 zone, just like Bitcoin and Ethereum. SOL climbed above the USD 130 level and entered a positive short-term zone.
The price even broke the USD 132 resistance. The bulls managed to push the price above $135. The price is now consolidating gains above the 23.6% Fib retracement level from the recent upward move from the $123 swing low to the $138 high.
Solana is now trading above $135 and the 100-hour moving average. Moreover, a bullish trendline is forming with support at $135 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance around $138. The next major resistance is around the $140 level. The key resistance could be at USD 145. A successful close above the $145 resistance zone could set the pace for another steady rise. The next major resistance is $150. Any further gains could send the price towards the USD 155 level.
Another drop in the SOL?
If SOL fails to rise above the USD 185 resistance, it could trigger another decline. The initial downside support is near the $134 zone and the trendline. The first major support is near the $130 level and the 50% Fib retracement level of the recent upward move from the $123 swing low to the $138 high.
A break below the $130 level could send the price towards the $128 support zone. If there is a close below the $128 support, the price could fall towards the $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 135 and USD 130.
Major resistance levels – $138 and $140.