Solana recently tested the $138 zone before initiating a recovery wave. In order to sustain this recovery, SOL price needs to surpass both the $150 and $155 resistance levels. This will be crucial for initiating a steady increase in its value.
As of now, SOL price is looking to break above the $150 resistance point against the US Dollar. It is currently trading above $145 and the 100-hourly simple moving average, indicating a positive momentum. Moreover, a connecting bullish trend line is forming with support at $146 on the hourly chart of the SOL/USD pair, as per data from Kraken.
There is a possibility that the pair could exceed the $152.50 resistance level to kickstart a short-term uptrend. However, it is essential for SOL price to maintain its current position above key support levels in order to avoid any potential downside risks.
The hourly MACD for SOL/USD is showing signs of losing momentum in the bullish zone. Additionally, the Hourly Relative Strength Index (RSI) for SOL/USD is hovering around the 50 level, indicating a balanced market sentiment. This suggests that there might be a period of consolidation before the price makes its next significant move.
Support and Resistance Levels
Key support levels for SOL include $145 and $142, while major resistance levels to watch out for are $152.50, $156.50, and $160. A successful break above the $152.50 resistance could pave the way for a substantial price increase, potentially pushing SOL towards the $160 level. On the other hand, a failure to surpass this resistance level might lead to another downward move, with initial support lying around the $145 level and the trend line. If SOL drops below $142, it could test the crucial $138 mark, with further declines possible if the $132 support level is breached.
Solana’s price movement is currently at a critical juncture, as it attempts to establish a definitive trend direction. Traders and investors should closely monitor the key support and resistance levels mentioned above to gauge the future trajectory of SOL price. Technical indicators provide valuable insights into the market sentiment, hinting at a period of potential consolidation before the next major price movement.
