Solana (SOL) Recovery Reliant on Firm Close Above $140

Solana has initiated a recovery wave surpassing the $132 mark. However, the SOL price is currently consolidating with challenges ahead near the $138 range.

Key Takeaways

SOL price has started a recovery above $130 and $132 against the US Dollar.
The current trading position is below both $138 and the 100-hourly simple moving average.
A significant upward movement was noted after breaking a bearish trend line at $132 on the SOL/USD hourly chart (KRAKEN data).
A continued upward trend is possible if the price exceeds $138 and $140.

Solana Price

Solana Price Aims for an Upswing

The price of Solana has stabilized and embarked on a promising recovery wave, starting from $128, similar to movements seen in Bitcoin and Ethereum. The SOL price successfully climbed past the $130 mark.

This upward motion also included surpassing the 23.6% Fibonacci retracement level from the previous drop between the $147 high and $128 low. Additionally, a break above a key bearish trend line at $132 was evident on the hourly chart for the SOL/USD pair.

Currently, Solana trades below the $138 level and the 100-hourly simple moving average. The immediate resistance appears to be around $137, coinciding with the 100-hourly simple moving average and the 50% Fibonacci retracement level from $147 to $128.

Solana Price
Source: SOLUSD on TradingView.com

Looking ahead, the subsequent major resistance is seen at the $140 mark, with the critical resistance potentially lying around $142. If Solana can successfully close above this $142 level, it could pave the way for further price increases, with the next notable resistance at $150. Further gains might push the price towards $155.

Potential for Decline in SOL

Should SOL fail to achieve a breakthrough above the $140 resistance, it could face downward movement. Initial support is noted around the $132 level, while the first major support lies at $130.

A drop below the $130 mark could lead the price towards the $128 support area. Should there be a close beneath this $128 support, further declines could push the price down to the $120 zone in the near future.

Technical Indicators

Hourly MACD: The MACD for SOL/USD is gaining momentum in the bullish territory.
Hourly RSI (Relative Strength Index): The RSI for SOL/USD remains above the 50 mark.
Major Support Levels: $132 and $130.
Major Resistance Levels: $138 and $140.