Solana began its recovery in the $120 region. SOL price is rising and could go higher if it closes above the $142 resistance.
- SOL price regained its upward momentum and tested the $140 resistance against the US dollar.
- The price is currently trading below $142 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the SOL/USD pair, a major bearish trend line was broken above the resistance level of $132 (data source from Kraken).
- If it stays below $142 and $150, the pair could begin another decline.
Solana Price Faces Resistance
Solana price extended losses below the $150 and $140 support levels. SOL has tested the $120 area and recently started an upward correction like Bitcoin and Ethereum.
There was a significant increase above the $125 and $130 levels. The price broke above the 23.6% Fib retracement level of the bearish wave from the $160 swing high to the $118 low. On the 4-hours chart of the SOL/USD pair, a breakout occurred above the main bearish trend line with resistance at $132.
There is a surge above the $140 area and the 100 simple moving average (4-hours), but there is no hourly close. The bears are currently active near the 50% Fib retracement level of the bearish wave from the $160 swing high to the $118 low.
Source: SOLUSD on TradingView.com
Solana is currently trading below $142 and the 100 simple moving average (4-hours). Immediate resistance is near the $142 level. The next major resistance is near the $150 level. A successful close above the $150 resistance could set the pace for another big rally. The next major resistance is near $160. Any more profits could push the price down to the $175 level.
Another decline in SOL?
If SOL fails to rebound above the $142 resistance, it could begin another downtrend. Initial support for the downside is near the $132 level.
The first major support is near the $128 level, below which the price may test $120. If the price closes below the $120 support, the price may decline towards the $105 support in the near term.
technical indicators
4-Hour MACD – The MACD for SOL/USD is pacing in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key support levels – $132 and $128.
Key resistance levels – $142, $150, $175.
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