Solana started a recovery wave above the $135 zone. The SOL price is now consolidating and facing hurdles near the $140 zone.
- SOL price started a decent recovery wave above USD 132 and USD 135 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 $133 on the hourly chart of the SOL/USD pair (Kraken data source).
- The price could continue to rise if $140 and $142 are cleared.
Solana Price faces resistance
Solana price remained stable and started a decent recovery wave above $130, just like Bitcoin and Ethereum. SOL was able to climb above the USD 135 level.
There was a move towards the 61.8% Fib retracement level of the downward move from the $145 swing high to the $121 low. Moreover, a bullish trendline is forming with support at $133 on the hourly chart of the SOL/USD pair.
Solana is now trading above $134 and the 100-hour moving average. On the upside, immediate resistance is near the $140 level or the 76.4% Fib retracement level of the downward move from the $145 swing high to the $121 low.
The next major resistance is around the $142 level. The main 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 $155. Any further gains could send the price towards the USD 162 level.
Another drop in the SOL?
If SOL fails to rise above the $140 resistance, the price may continue to decline. The initial downside support is near the $133 zone and the trendline. The first major support is near the $128 level.
A break below the $128 level could send the price towards the $122 support zone. If there is a close below the $122 support, the price could fall towards the $115 zone 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 133 and USD 128.
Major resistance levels – $140 and $145.