Solana started a new decline below $ 132 support zone. Sol Price is now consolidating and may have trouble recovering over the $ 126 resistance.
- Sol Price started a recovery wave of the $ 122 support zone against the US dollar.
- The price is now traded under $ 130 and the 100-hour simple advancing average.
- There is an important rising channel formation with support for $ 124 on the hour table of the SOL/USD pair (data source of Kraken).
- The couple could start a new increase if the bulls free up the $ 126 zone.
Solana Price Faces Assistance
Solana Price started a new decrease among the levels of $ 135 and $ 132, such as Bitcoin and Ethereum. Sol even fell below the support level of $ 125 before the bulls appeared.
A layer was formed at $ 122.64 and the price recently started a consolidation phase. There was a small increase above the level of $ 125. The price tested the 23.6% FIB retracement level of the downward movement of the $ 140 swing high to $ 122 low.
Solana now acts under $ 126 and the 100-hour simple advancing average. There is also an important rising channel that forms with support for $ 124 on the hour table of the SOL/USD pair.
At the top the price is confronted with resistance near the level of $ 126. The next major resistance is near the level of $ 128. The most important resistance can be $ 132 or the 50% FIB retraction level of the downward movement of the $ 140 swing high to $ 122 layer.
A successful closure above the $ 132 resistance zone could determine the pace for a new steady increase. The next key resistance is $ 136. More profits can send the price to the $ 142 level.
Another decline in Sol?
If Sol does not exceed $ 128 resistance, this can start a new decline. The first support on the disadvantage is near the $ 124 zone. The first major support is near the level of $ 122.
A break below the $ 122 level can send the price to the $ 115 zone. If there is an end under the support of $ 115, the price can fall to $ 102 support in the short term.
Technical indicators
Hourly MacD – The MACD for SOL/USD loses pace in the bearish zone.
Hours -hours RSI (relative strength -index) -The RSI for SOL/USD is above 50 level.
Important support levels – $ 124 and $ 122.
Important resistance levels – $ 128 and $ 132.