Solana started a sharp increase from the $110 area. SOL price is rising and it could further break the $155 resistance area.
SOL price started trading above the $135 and $140 levels against the US Dollar.
The price is currently above $145 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance at $136 on the hourly chart of the SOL/USD pair (data source: Kraken).
The pair could start rising again if it breaks above the $155 resistance area.
Solana Price Rebounds 15%
Solana price declined sharply below $165 and $150 like Bitcoin and Ethereum. It even broke the $120 support before the bulls emerged. A low was formed at $109 and SOL recently started a recovery wave.
The price broke the $120 and $135 resistance levels. The price climbed above the 50% Fibonacci retracement level of the downward move from the $184 high to $109 low. Moreover, the price broke a key bearish trend line with resistance at $136 on the hourly chart of the SOL/USD pair.
Solana is currently trading above the $145 level and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $155 level. The price is close to the 61.8% Fibonacci retracement level of the downward move from the $184 swing high to $109 low.
The next major resistance is near the $166 level. A successful close above the $166 resistance could set the stage for another steady rise. The next key resistance is near the $184 level. If gains continue, the price could drop to $195.
SOL drops again?
If SOL fails to clear the $155 resistance, it could fall again. On the downside, an initial support is near the $140 level. The first major support is near the $135 level.
A break below the $135 level could sink the price to $122. If there is a close below the $122 support, the price could decline towards the $110 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $140 and $135.
Major Resistance Levels – $155 and $166.
