Solana started a recovery wave above the $ 120 resistance zone. Sol Price is now consolidating and may have trouble recovering over the $ 132 resistance.
- Sol Price started a new decrease below $ 150 and $ 140 levels against the US dollar.
- The price is now traded under $ 130 and the 100-hour simple advancing average.
- There is an increasing channel in the short term that forms with support at $ 124 on the hour table of the SOL/USD pair (data source of Kraken).
- The couple could start a new increase if the bulls erase the $ 132 zone.
Solana Price Faces Assistance
Solana Price struggled to erase $ 155’s resistance and started a new decrease, such as Bitcoin and Ethereum. Sol fell under the support levels of $ 140 and $ 132.
It even went below the level of $ 120. The recent low point was formed at $ 114 before the price recovered some losses. It climbed above the levels of $ 120 and $ 122. The price surpassed the 23.6% FIB retracement level of the downward movement of the $ 151 swing high to $ 114 swing low.
Solana now acts under $ 130 and the 100-hour simple advancing average. An increasing channel has also been formed in the short term with support at $ 124 on the hour table of the SOL/USD pair.
In addition, the price is confronted with resistance near the level of $ 128. The next major resistance is near the $ 130 level. The most important resistance can be $ 132 and the FIB retracement level of 50% of the downward movement of the $ 151 swing high to $ 114 swing low.
A successful closure above the $ 132 resistance zone could determine the pace for a new steady increase. The next key resistance is $ 140. More profits can send the price to the $ 150 level.
Another decline in Sol?
If Sol does not exceed $ 132 resistance, this can start a new decline. The first support on the disadvantage is near the $ 124 zone. The first major support is close to the $ 120 level.
A break below the $ 120 level can send the price to the $ 114 zone. If there is an end under the support of $ 114, the price can fall to $ 100 support in the short term.
Technical indicators
Hourly MacD – The MACD for SOL/USD loses pace in the bullish zone.
Hours -hours RSI (relative strength -index) -The RSI for SOL/USD is near the level of 50.
Important support levels – $ 124 and $ 120.
Important resistance levels – $ 128 and $ 132.