Solana (SOL) Recovery Underway But Momentum Still | Crypto News
Solana began a recovery wave above the $125 zone. SOL price is now consolidating and faces hurdles close to the $135 zone.
- SOL price began a respectable recovery wave above $125 and $128 against the US Dollar.
- The price is now trading above $130 and the 100-hourly simple shifting average.
- There is a bullish pattern line forming with help at $130 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price may continue to transfer up if it clears $135 and $140.
Solana Price Aims Recovery
Solana price remained steady and began a respectable recovery wave above $125, like Bitcoin and Ethereum. SOL was in a position to climb above the $130 stage.
There was a transfer toward the 50% Fib retracement stage of the downward transfer from the $145 swing high to the $121 low. Besides, there may be a bullish pattern line forming with help at $130 on the hourly chart of the SOL/USD pair.
Solana is now trading above $130 and the 100-hourly simple shifting average. On the upside, quick resistance is close to the $135 stage or the 61.8% Fib retracement stage of the downward transfer from the $145 swing high to the $121 low.
The next major resistance is close to the $140 stage. The main resistance may very well be $145. A profitable close above the $145 resistance zone may set the tempo for another regular increase. The next key resistance is $155. Any more good points would possibly ship the price toward the $162 stage.
Another Drop In SOL?
If SOL fails to rise above the $135 resistance, it may continue to transfer down. Initial help on the draw back is close to the $130 zone. The first major help is close to the $127 stage.
A break below the $127 stage would possibly ship the price toward the $124 help zone. If there may be a close below the $124 help, the price may decline toward the $120 zone in the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining tempo in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 stage.
Major Support Levels – $130 and $124.
Major Resistance Levels – $135 and $140.
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