Solana (SOL) recently successfully built a bottom above the critical support level of $142, following Bitcoin and Ethereum to welcome a rebound. The price surged rapidly upwards, attempting to challenge the dual resistance levels of $145 and $150, briefly igniting hopes for another round of increase in the short term.
Bears are back, and the rebound is limited by the $155 level
Despite SOL's attempt to break through, it encountered strong bearish pressure as it approached the key resistance of $155. After peaking at $153.90, the price quickly fell back, losing $150 and $148, and hitting a low of $142.64. Currently, SOL is attempting to stabilize and correct the downtrend.
Technical Signal: Dual Test of Channel Support and Fibonacci Retracement Levels
The price has rebounded above the 23.6% Fibonacci retracement level since the low of $142.64 and has formed a short-term ascending channel structure on the hourly chart, with support around $144. However, SOL remains below the 100-hour moving average and the key resistance level of $150, indicating that the overall trend still faces challenges.
Bullish Hopes: Roadmap for Gradual Breakthrough of Key Resistance Levels
Currently, SOL needs to first break through the initial resistance of $147 in order to challenge the core level of $150. If it can effectively break through, the price is expected to quickly impact the previous high of $153.90 and the important resistance zone of $155.
If this area is breached, $160 and $165 will become the next targets, while $180 would represent potential mid-term upside space.
If key levels are lost, it may accelerate the bottoming out!
Conversely, if Solana cannot hold above $150, the downside risk will be amplified again. $145 is the first line of support, while $142 is the lifeline in the short term.
If it falls below $142, the lower level of $135 will become a critical defense line in the short term. Once $135 is breached again, it could trigger a chain reaction, sending the price directly to the $122 area.
Technical Indicator Overview
💣 Hourly MACD: Remains in the bearish zone, momentum shows no significant reversal
📉 Hourly RSI: Operating below 50, indicating that bullish strength has not yet recovered
🔻 Major Support Levels: $145, $142
🔺 Major Resistance Levels: $147, $150