Solana (SOL) Pauses at Critical Level — Is a Sharp Move Coming Next?

[Ben Graham]

Solana started a recovery wave above the $135 zone. SOL price is now consolidating and faces hurdles near the $140 zone.

• SOL price started a decent recovery wave above $132 and $135 against the US Dollar.
• The price is now trading above $132 and the 100-hourly simple moving average.
• There is a bullish trend line forming with support at $133 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The price could continue to move up if it clears $140 and $142.

Solana Price Faces Resistance

Solana price remained stable and started a decent recovery wave above $130, like Bitcoin and Ethereum. SOL was able to climb above the $135 level.

There was a move toward the 61.8% Fib retracement level of the downward move from the $145 swing high to the $121 low. Besides, there is a bullish trend line forming with support at $133 on the hourly chart of the SOL/USD pair.

Solana is now trading above $134 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $140 level or the 76.4% Fib retracement level of the downward move from the $145 swing high to the $121 low.

The next major resistance is near the $142 level. The main resistance could be $145. A successful close above the $145 resistance zone could set the pace for another steady increase. The next key resistance is $155. Any more gains might send the price toward the $162 level.

Another Decline In SOL?

If SOL fails to rise above the $140 resistance, it could continue to move down. Initial support on the downside is near the $133 zone and the trend line. The first major support is near the $128 level.

A break below the $128 level might send the price toward the $122 support zone. If there is a close below the $122 support, the price could decline toward the $115 zone 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 – $133 and $128.

Major Resistance Levels – $140 and $145.