Above the $135 zone, Solana got the ball rolling on a wave of recovery. The price of SOL is currently consolidating and is encountering obstacles close to the $140 zone.
SOL price launched a good comeback surge over $132 and $135 versus the US Dollar.
The price is presently trading over $135 and the 100-hourly simple moving average.
There was a break over a crucial negative trend line with resistance around $138 on the hourly chart of the SOL/USD pair
The price might continue to climb higher if it clears $140 and $142.
Solana Price Jumps 10%
The price of Solana stayed unchanged and then began a good rebound surge over $130, similar to what happened with Bitcoin and Ethereum. SOL was able to reach beyond the $135 level.
There was a move that occurred above the 61.8% Fibonacci retracement level of the bearish move that occurred from the swing high of $145 to the low of $123. Additionally, on the hourly chart of the SOL/USD pair, there was a break above a key bearish trend line with resistance at $138. This occurred on the hourly chart.
At the moment, the price of Solana is moving higher than $135 and the 100-hourly simple moving average. Additionally, it is higher than the 76.4% Fibonacci retracement level of the downward movement that occurred from the swing high of $145 to the low of $123. On the upside, immediate resistance is approaching the $140 level.
The next major resistance is near the $142 level. The main resistance could be $145. A successful close above the $145 resistance zone could set the pace for another steady increase. The next important resistance is $155. Should there be any further gains, the price may move closer to the level of $162.
Another Decline In SOL?
If SOL fails to get over the $140 barrier, it might continue to slide lower. The vicinity of the $136 zone and the same trend line is where first support on the downside might be found. The first significant support is located close to the level of $134.
In the event that the price breaks below the $134 level, it may push the price closer to the $128 support zone. Should the price drop below the $128 support level, there is a possibility that it may fall below the $120 zone in the relatively immediate future.
Indexes of Technical Concern
MACD on an hourly basis - The MACD for SOL/USD is moving in the positive zone and gathering momentum.
The hourly relative strength index (RSI) for SOL/USD is higher above the 50 mark. This indicates that the RSI is positive.
There are two major support levels: $136 and $134.
Among the major levels of resistance are $140 and $142.
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