Solana began a restoration wave above the $120 resistance zone. SOL worth is now consolidating and would possibly battle to get well above the $132 resistance.
- SOL worth began a recent decline beneath the $150 and $140 ranges in opposition to the US Dollar.
- The worth is now buying and selling beneath $130 and the 100-hourly easy transferring common.
- There is a short-term rising channel forming with assist at $124 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
- The pair might begin a recent improve if the bulls clear the $132 zone.
Solana Price Faces Resistance
Solana worth struggled to clear the $155 resistance and began a recent decline, like Bitcoin and Ethereum. SOL declined beneath the $140 and $132 assist ranges.
It even dived beneath the $120 degree. The latest low was shaped at $114 earlier than the worth recovered some losses. It climbed above the $120 and $122 ranges. The worth surpassed the 23.6% Fib retracement degree of the downward transfer from the $151 swing excessive to the $114 swing low.
Solana is now buying and selling beneath $130 and the 100-hourly easy transferring common. There can be a short-term rising channel forming with assist at $124 on the hourly chart of the SOL/USD pair.
On the upside, the worth is dealing with resistance close to the $128 degree. The subsequent main resistance is close to the $130 degree. The predominant resistance might be $132 and the 50% Fib retracement degree of the downward transfer from the $151 swing excessive to the $114 swing low.
A profitable shut above the $132 resistance zone might set the tempo for an additional regular improve. The subsequent key resistance is $140. Any extra positive factors would possibly ship the worth towards the $150 degree.
Another Decline in SOL?
If SOL fails to rise above the $132 resistance, it might begin one other decline. Initial assist on the draw back is close to the $124 zone. The first main assist is close to the $120 degree.
A break beneath the $120 degree would possibly ship the worth towards the $114 zone. If there’s a shut beneath the $114 assist, the worth might decline towards the $100 assist in the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is shedding tempo in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is close to the 50 degree.
Major Support Levels – $124 and $120.
Major Resistance Levels – $128 and $132.
