Solana (SOL) Strengthens Above $135 as Market Sentiment Shifts Favorably

Solana has initiated a recovery wave, moving above the $135 threshold. Currently, the SOL price is consolidating and encountering challenges near the $140 mark.

Key Takeaways

Solana’s price has begun a recovery above $132 and $135 against the US Dollar.
The SOL price is trading above both $135 and the 100-hourly simple moving average.
A significant breakout occurred above a bearish trend line with resistance at $138, based on the hourly chart of the SOL/USD pair (data sourced from Kraken).
Further upward momentum is possible if the price surpasses $140 and $142.

Solana (SOL) Pushes Higher

Solana Price Sees 10% Increase

The price of Solana has remained steady, experiencing a notable recovery above $130, similar to movements observed in Bitcoin and Ethereum. SOL successfully climbed past the $135 level as it also broke through the 61.8% Fib retracement level from its earlier drop between $145 and $123.

Furthermore, SOL's price now exceeds both the 100-hourly simple moving average and the 76.4% Fib retracement level from the $145 high to the $123 low. The immediate resistance is currently set around the $140 area.

Solana Price
Source: SOLUSD on TradingView.com

The next level of significant resistance is situated near $142, with the primary hurdle being the $145 mark. A successful close above $145 could pave the way for a continued upward trend, potentially leading the price towards $155. Should it maintain its momentum, SOL might reach as high as $162.

What If SOL Declines?

Should SOL fail to rise above the $140 resistance, it faces the potential of falling back. Initial downside support is observed near the $136 region, alongside the same trend line. The first significant support level is around $134.

If the price dips below $134, it could drop further toward the $128 support zone. A close below this level might trigger a decline towards the $120 area in the short term.

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 is positioned above the 50 mark.
Major Support Levels: $136 and $134.
Major Resistance Levels: $140 and $142.

This analysis highlights the importance of market sentiment and technical levels for Solana's price projection, crucial for investors closely monitoring SOL's performance.