10 September 2024
Solana started a recovery wave from the $120 zone. SOL price is rising and might aim for a move toward the $150 resistance level.
SOL price started a recovery wave above the $125 level against the US Dollar.
The price is now trading above $128 and the 100-hourly simple moving average.
There is a connecting bullish trend line forming with support at $130 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $138 resistance zone.
Solana Price Extends Losses
Solana price formed a support base above the $120 level and started a recovery wave like Bitcoin and Ethereum. SOL traded above the $125 and $128 resistance levels.
The price even climbed above $132 and tested the key barrier at $138. A high was formed at $137 and the price is now consolidating gains. There was a minor decline below $135 and the 23.6% Fib retracement level of the upward move from the $120 swing low to the $137 high.
Solana is now trading above $130 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $130 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance near the $135 level. The next major resistance is near the $138 level. A successful close above the $135 and $138 resistance levels could set the pace for another steady increase. The next key resistance is near $142. Any more gains might send the price toward the $150 level.
Another Decline in SOL?
If SOL fails to rise above the $138 resistance, it could start another decline. Initial support on the downside is near the $130 level and the trend line. The first major support is near the $126 level and the 61.8% Fib retracement level of the upward move from the $120 swing low to the $137 high.
A break below the $126 level might send the price toward $120. If there is a close below the $120 support, the price could decline toward the $110 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $130 and $126.
Major Resistance Levels – $135 and $138.