Solana (SOL) Surges Above $132, Bullish Momentum Intensifies

Solana has kicked off a new upward trend, surpassing the $130 mark. Currently, SOL is stabilizing over $132 and may target further gains above the $138 threshold.

Key Takeaways

Solana’s price has risen beyond $130 and $132 against the US Dollar, indicating a bullish trend.
The price is trading above both $132 and the 100-hour simple moving average.
A bullish trend line has formed, providing support at $135 on the hourly chart for the SOL/USD pair.
Possible price gains could occur if the $140 resistance level is surpassed.

Solana (SOL) Reclaims 132 Level

Solana Price Gains Momentum

Solana has experienced a significant price increase since breaking above the $125 level, along with Bitcoin and Ethereum. It managed to surpass the $130 mark and entered a short-term positive trajectory. The price breached the $132 resistance barrier, and bulls have propelled it above $135.

Currently, Solana is consolidating its gains, remaining above the 23.6% Fibonacci retracement level from the recent upward movement, which ranged from a low of $123 to a high of $138. SOL is now trading above $135 and the 100-hour simple moving average. Furthermore, a bullish trend line is forming, which offers support at $135 as shown in the hourly chart for the SOL/USD pair.

Solana Price
Source: SOLUSD on TradingView.com

On the upside, the price encounters resistance near $138, with the next significant resistance level around $140. The critical resistance point could be $145. A successful close above this zone could pave the way for consistent future gains, with $150 being the next key resistance level. Continued upward movement might drive the price towards $155.

Is a Decline Possible for SOL?

However, should SOL fail to breach the resistance at $185, a decline could follow. Initial support is located near the $134 zone and the trend line, with major support situated around $130. This aligns with the 50% Fibonacci retracement level from the recent price increase spanning from the $123 swing low to the $138 high.

If the price falls below the $130 level, it could drop toward the $128 support zone. Should it close beneath this support, there’s potential for a decline towards the $120 level in the short term.

Technical Indicators

Hourly MACD: The MACD for SOL/USD is showing increasing momentum within the bullish range.
Hourly RSI (Relative Strength Index): The RSI for SOL/USD is above the 50 mark.
Major Support Levels: $135 and $130.
Major Resistance Levels: $138 and $140.