Solana tested the $135 support and recently adjusted losses. SOL price is rising and may gain momentum if it clears the $144 resistance.
- The price of SOL is trying to rise again from the area of ​​$135 against the US Dollar.
- The price is now trading below $145 and the 100 hourly simple moving average.
- There was a break above the main bearish line with resistance at $139 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair can get bullish momentum if it breaks the $145 resistance area.
Solana Price Aims to Rise
The price of Solana rose above the levels of $146 and $148 before the bears appeared. SOL traded as high as $152 and has recently seen new lows like Bitcoin and Ethereum.
The price dropped below the $145 and $140 support levels. A low was formed at $135.39 and the price is now rising. There was a decent move above the $140 level. The price rose above the 23.6% Fib retracement level to the downside from the swing high of $152 to the low of $135.39.
There was a break above the main bearish line with resistance at $139 on the SOL/USD hourly chart. Solana is now trading below $145 and the 100 hourly simple moving average.
On the other hand, the price is facing resistance near the $144 level. It is near the 50% Fib retracement level of the downside from the $152 swing high to the $135.39 low. The next major resistance is near the $146 level. The main resistance would be $150.
A successful close above the $150 and $152 resistance levels could set the pace for further upside. The next key resistance is near $162. Any further gains could send the price to the $175 level.
Another Refusal to SOL?
If SOL fails to rise above the $144 resistance, it could start another decline. The first support on the downside is near the $138 level. The first major support is near the $134 level.
A break below the $135 level would send the price to the $132 area. If there is a close below the $132 support, the price may drop to the $120 support in the near term.
Technical References
Hourly MACD – The SOL/USD MACD is gaining momentum in bullish territory.
Hourly RSI (Relative Strength Index) – RSI for SOL/USD is above the 50 level.
Major Support Levels – $138 and $135.
Major Resistance Levels – $144 and $150.
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