Solana starts a new round of rise from the support level of $120. The SOL price is currently consolidating and may further break through the resistance level of $142.
The SOL price starts to rise again, breaking through $125 and $132 against the dollar.
The current price is above $130 and the 100-hour simple moving average.
On the hourly chart for SOL/USD, a connecting bullish trendline is forming, with support at $137 (data from Kraken).
If the resistance area of $142 is broken, the currency pair may begin a new round of upward movement.
Solana price rises over 5%
Solana price forms a bottom above the $120 support level and begins a new round of rise like Bitcoin and Ethereum. SOL is expected to break through the resistance levels of $125 and $132.
The currency pair even surged to the resistance level of $145 at one point. Its high reached $143.06 and is currently retreating. The price has fallen below the 23.6% Fibonacci retracement level of the upward move from the low of $135 to the high of $143.
Solana's current trading price is above $130 and the 100-hour simple moving average. On the hourly chart for SOL/USD, there is also a connecting bullish trendline, with support at $137. This trendline is close to the 76.4% Fibonacci retracement level of the upward move from the low of $135 to the high of $143.
Source: TradingView.com on SOLUSD
On the upside, the price faces resistance near $142. The next major resistance level is around $145. The main resistance level may be at $150. If it successfully closes above the $150 resistance level, it may lay the foundation for the next steady rise. The next key resistance level is at $155. If the price continues to rise, it may drop towards $165.
SOL Correction?
If SOL fails to break through the resistance level of $142, it may trigger a new round of decline. On the downside, the initial support level is near the $138.50 area. The first major support level is around the $137 level and near the trendline.
A drop below the $137 level may push the price down towards the $132 area. If the closing price falls below the $132 support level, the price may drop towards the $125 support level in the short 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 - $137 and $132.
Major resistance levels - $142 and $145.
