Solana, a popular cryptocurrency, has embarked on a recovery wave from the $120 zone, with its price steadily climbing and potentially targeting the $150 resistance level. After dipping to $120, SOL began a notable comeback, rising above the $125 mark against the US Dollar. The current trading price is above $128, also surpassing the 100-hourly simple moving average.
In recent developments, a bullish trend line has formed with support at $130 on the hourly chart of the SOL/USD pair, sourced from Kraken. Should the pair break through the significant $138 resistance zone, it could gain further bullish momentum.
Solana’s price decline stabilized above the $120 level, initiating a recovery trend mirroring similar activities in Bitcoin and Ethereum. SOL overcame both the $125 and $128 resistance levels, peaking at $137 after breaching the $132 milestone and testing the $138 barrier. Currently, the price is consolidating its gains, having experienced a slight pullback below $135 and a 23.6% Fib retracement from the $120 swing low to the $137 high.
At present, SOL is trading above $130 and maintaining its position above the 100-hourly simple moving average, with a bullish trend line support at $130. Resistance is evident around the $135 mark, with a more formidable barrier at $138. A successful breach and close above these levels could pave the way for steady upward movement, targeting the next key resistance at $142 and possibly reaching $150 with further gains.
However, a failure to surpass the $138 resistance could trigger another decline for SOL. Initial support exists at $130, with a critical level at $126 representing the 61.8% Fib retracement of the earlier upward movement. A decisive break below $126 might lead to a drop towards the $120 support level. Should the price fall under this threshold, a further decline to $110 could be anticipated.
Technical indicators suggest a varied outlook: the Hourly MACD for SOL/USD is losing momentum in the bullish zone, while the Hourly RSI stands above the 50 mark, indicating relatively positive sentiment. Major support levels are observed at $130 and $126, with significant resistance expected at $135 and $138.
