Solana Price Update

Solana has initiated a recovery wave, climbing above the $120 resistance level. However, SOL is currently consolidating and facing difficulty surpassing $132 resistance.

• SOL’s price experienced a decline below $150 and $140 against the US Dollar.
• Currently, SOL is trading under $130 and the 100-hourly simple moving average.
• A short-term rising channel forms with support at $124 on the hourly chart of the SOL/USD pair (data sourced from Kraken).
• An upward movement may occur if the bulls overcome the $132 resistance zone.

Solana Price Resistance

The price of Solana faced challenges at the $155 resistance, prompting a fresh decline aligned with Bitcoin and Ethereum trends. SOL dropped below both $140 and $132 support levels, reaching a concerning low of $114 before rebounding slightly. This recovery has allowed it to surpass the $120 and $122 levels, even surpassing the 23.6% Fib retracement from the $151 swing high to the $114 swing low.

However, SOL remains below $130 and the 100-hourly moving average. Resistance is evident near $128, while significant resistance lies at $130 and $132, corresponding with the 50% Fib retracement from the $151 swing high to the $114 swing low.

A successful close above the $132 resistance could pave the way for a steady upward trend, with $140 being the next major resistance level.

Potential Decline for SOL?

Should SOL fail to break through $132, another decline may ensue. Initial support is around $124, with stronger support near the $120 level. A drop below $120 may lead to a decline towards $114. If SOL closes below $114, it could further drop toward $100.

Technical Indicators

• Hourly MACD: The MACD for SOL/USD is losing momentum within the bullish range.
• Hourly RSI (Relative Strength Index): The RSI for SOL/USD is hovering near the 50 mark.

Major Support Levels

• $124
• $120

Major Resistance Levels

• $128
• $132