Coin World reported:
Solana tested the $135 support level and corrected losses recently. The SOL price is rising and may gain bullish momentum if it breaks the $144 resistance level.
The SOL price is attempting to resume its upward move from the $135 region against the US dollar.
It is currently trading below $145 and the 100 hourly simple moving average.
On the hourly chart of SOL/USD, there was a break above a key bearish trend line with resistance near $139 (data source from Kraken).
If there is a clear break above the $145 resistance zone, the pair could start a fresh increase.
Solana Price Could Gain Bullish Momentum
Before a downside correction, Solana price climbed above $146 and $148. The price traded as high as $152 and recently started a fresh decline, similar to bitcoin and ethereum.
It broke the $145 and $140 support levels. A low is formed near $135.39 and the price is currently rising. There was a decent increase above $140. The price climbed above the 23.6% Fibonacci retracement level of the downward move from the $152 high to $135.39 low.
On the hourly chart of SOL/USD, there was a break above a key bearish trend line with resistance near $139. The current price is below $145 and the 100 hourly simple moving average.
On the upside, the price is facing resistance near $144. This level is close to the 50% Fibonacci retracement level of the downward move from the $152 high to $135.39 low. The next major resistance is near $146. The main resistance could be near $150.
A successful close above the $150 and $152 resistance levels could set the pace for a steady increase. The next key resistance is near $162. If there is a clear break above $162, the price could revisit the $175 level.
SOL Could Decline Again?
If SOL fails to clear the $144 resistance, it could start a fresh decline. On the downside, initial support is near $138. The first major support is near $134.
A break below the $135 level could lead the price towards the $132 zone. If the price closes below the $132 support, it could decline towards the $120 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $138 and $135.
Major Resistance Levels – $144 and $150.
