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Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Solana Price (SOL) Shows Strength: Is a Return to $150 Possible?

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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.

Solana Price

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.

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