Solana started a wave of recovery above the $125 zone. SOL price is now consolidating and facing obstacles near the $135 zone.
- The price of SOL started a decent wave of recovery above $125 and $128 against the US dollar.
- The price is now moving above $130 and the 100-hour simple moving average.
- An uptrend line is forming with support at $130 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price could continue to rise if it crosses $135 and $140.
Solana price aims for recovery
Solana price remained stable and started a decent wave of recovery above $125, like Bitcoin and Ethereum. SOL managed to climb above the $130 level.
There was a move towards the 50% Fib retracement level of the downside move from the $145 swing high to the $121 low. In addition, an uptrend line is forming with support at $130 on the hourly chart of the SOL/USD pair.
Solana is now trading above $130 and the 100 hourly simple moving average. On the upside, current resistance is near the $135 level or the 61.8% Fib retracement level of the $145 swing high to $121 downtrend.
The next major resistance is near the $140 level. The main resistance could be $145. A successful close above the $145 resistance zone could set the pace for another steady rally. The next key resistance is $155. Any further gains could send the price towards the $162 level.
Another entry into SOL?
If SOL fails to rise above the $135 resistance, it could continue to move lower. Initial support on the downside is near the $130 zone. The first major support is near the $127 level.
A break below the $127 level could send the price towards the $124 support zone. If there is a close below the $124 support, the price could fall towards the $120 zone in the near term.
Technical indicators
Hourly MACD – MACD for SOL/USD gains a step in the bullish zone.
Hourly RSI (Relative Strength Index) – RSI for SOL/USD is above the 50 level.
Major support levels – $130 and $124.
Main resistance levels – 135 and 140 USD.
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