Solana started a new increase above the $136 zone. SOL price is now consolidating above USD 138 and could aim for more gains above the USD 142 zone.
- SOL price started a new upward move above the USD 136 and USD 138 levels against the US dollar.
- The price is now trading above $138 and the 100-hour moving average.
- There was a break above a bearish trendline with resistance at $137 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could extend gains if it breaks the $142 resistance zone.
Solana Price regains traction
Solana price corrected gains from the $144 zone but held steady above the $130 zone, beating Bitcoin and Ethereum. SOL bottomed near $132 and started a new upward move.
The price climbed above the USD 135 level and entered a positive short-term zone. It surpassed the 50% Fib retracement level of the downward move from the $143 swing high to the $132 low. Additionally, there was a break above a bearish trendline with resistance at $137 on the hourly chart of the SOL/USD pair.
Solana is now trading above $138 and the 100-hour moving average. On the upside, the price is facing resistance near $140 and the 76.4% Fib retracement level of the downward move from the $143 swing high to the $132 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 $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 $140 resistance, it could trigger another decline. The initial downside support is near the $138 zone. The first major support is near the $135 level.
A break below the $135 level could send the price towards the $132 support zone. If there is a close below the $132 support, the price could fall towards the $124 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 – $140 and $142.