In recent trading sessions, Solana’s price has been on the move, testing key support levels and attempting to recover from previous losses. The $135 support zone has been a focal point, and the digital currency is now showing signs of recovery. As SOL’s price rises, there’s anticipation of a bullish momentum forming, especially if it manages to surpass the crucial $144 resistance level.
Current Market Conditions for SOL
- Solana’s price is initiating a rebound from the $135 support area against the US Dollar.
- Currently, the price is positioned below the $145 mark and the 100-hour simple moving average.
- A significant breakout occurred above a bearish trend line, registering resistance around $139 on the hourly SOL/USD chart (data sourced from Kraken).
- A potential surge in bullish momentum could be seen if the price breaks past the $145 resistance zone.
Solana Price Aims Higher
Solana’s price previously surged beyond the $146 and $148 thresholds before encountering bearish pressure. The cryptocurrency reached a peak of $152, followed by a fresh decline paralleling the trends seen in Bitcoin and Ethereum. As the price descended, it breached support levels at $145 and $140, hitting a low of $135.39. However, a recovery is underway as the price ascends once more.
The recovery was marked by a move above the $140 level, surpassing the 23.6% Fibonacci retracement level calculated from the $152 high to the $135.39 low. Notably, there was a breakthrough above a pivotal bearish trend line with resistance at the $139 mark on the hourly chart of the SOL/USD pair. Despite this, Solana’s price remains below the $145 threshold and the 100-hour simple moving average.
Resistance and Potential Breakthrough Levels
On the upside, SOL faces resistance around the $144 level, aligning closely with the 50% Fibonacci retracement level from the recent downward movement. The subsequent significant resistance point is positioned near $146, with the primary hurdle being the $150 mark.
A decisive close above the $150 and $152 resistance levels could pave the way for a sustained upward trajectory. The next formidable resistance is anticipated around the $162 level, and further gains could propel the price towards the $175 mark.
Possible Downward Trends for SOL
Should Solana’s price fail to overcome the $144 resistance, a renewed decline could emerge. Initial support is expected near the $138 level, with the first substantial support level at $134. A breach below the $135 level might drive the price towards the $132 zone. A close beneath the $132 support could trigger a deeper decline towards the $120 support in the foreseeable future.
Technical Indicators
The technical indicators are showing promising signs for Solana. The hourly MACD for the SOL/USD pair is gaining momentum in the bullish zone, suggesting potential upward movements. Similarly, the hourly RSI (Relative Strength Index) is above the 50 level, indicating a positive outlook for the digital currency.
Key Support Levels
- $138
- $135
Key Resistance Levels
- $144
- $150
