Solana started a recovery wave above the $125 area. SOL price is now consolidating and facing hurdles near the $135 area.
- SOL price started a good recovery wave above $125 and $128 against the US Dollar.
- The price is now trading above the $130 level and the 100 hourly simple moving average.
- There is an uptrend line forming with support at $130 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price could continue to rise if it crosses $135 and $140.
Solana price aims to recover
Solana price remained stable and started a good recovery wave above $125 Bitcoin and Ethereum. SOL managed to climb above the $130 level.
There was a move towards the 50% Fib retracement level of the downward move from the swing high of $145 to the swing low of $121. Moreover, there is an uptrend line forming with support at $130 on the hourly chart of the SOL/USD pair.
Solana is now trading above the $130 level and the 100 hourly simple moving average. On the upside, immediate resistance is near the $135 level or the 61.8% Fib retracement level of the downward move from the $145 swing high to the $121 low.
The next major resistance is near the $140 level. The main resistance could be at $145. A successful close above the $145 resistance area could pave the way for another steady increase. The next major resistance is $155. Any further gains may push the price towards the $162 level.
Another drop in SOL?
If SOL fails to rise above the $135 resistance level, it may continue lower. Initial support on the downside is near the $130 area. The first major support is near the $127 level.
A break below the $127 level could send the price towards the $124 support area. If there is a close below the $124 support level, the price could fall towards the $120 region in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key Support Levels – $130 and $124.
Key resistance levels – $135 and $140.
