Solana started a recovery wave above the $120 zone. The SOL price is now consolidating and facing hurdles near the $128 zone.
- SOL price started a decent recovery wave above USD 122 and USD 124 against the US dollar.
- The price is now trading above $125 and the 100-hour moving average.
- A major bearish trendline is forming with resistance at $127 on the hourly chart of the SOL/USD pair (Kraken data source).
- The price could continue to rise if $128 and $130 are cleared.
Solana Price faces resistance
Solana price remained stable and started a decent recovery wave from $117, just like Bitcoin and Ethereum. SOL was able to climb above the USD 120 level.
There was a move above the 50% Fib retracement level of the downward move from the $134 swing high to the $117 low. The bulls even pushed the price above $125. However, the bears remained active around $127. There is also a major bearish trendline forming with resistance at $127 on the hourly chart of the SOL/USD pair.
Solana is now trading above $125 and the 100-hour moving average. On the upside, immediate resistance is near the $127 level and the 61.8% Fib retracement level of the downward move from the $134 swing high to the $117 low.
The next major resistance is around the $130 level. The main resistance could be at USD 135. A successful close above the $135 resistance zone could set the pace for another steady rise. The next major resistance is $144. Any further gains could send the price towards the USD 150 level.
Another drop in the SOL?
If SOL fails to rise above the $130 resistance, the price may continue to decline. The initial downside support is near the $125 zone. The first major support is near the $122 level.
A break below the $122 level could send the price towards the $117 support zone. If there is a close below the $117 support, the price could fall towards the $108 zone 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 125 and USD 122.
Major resistance levels – $128 and $130.