Solana (SOL) has seen a recent surge in price, starting a recovery wave from the $120 zone. SOL is now trading above $128 and the 100-hourly simple moving average, indicating bullish momentum. With a connecting bullish trend line forming with support at $130 on the hourly chart, the price could aim for a move toward the $150 resistance level in the near future.
The recent price action for Solana has been positive, with the cryptocurrency trading above key resistance levels and testing the $138 barrier. While there was a minor decline below $135, the price has managed to hold above $130 and the 100-hourly simple moving average, signaling a potential continuation of the bullish trend.
On the upside, the price is facing resistance near $135, with the next major barrier at $138. A successful break above these levels could pave the way for further gains, potentially pushing the price towards $150. However, if SOL fails to rise above the $138 resistance, it could see another decline towards $130 and the trend line support. Further support levels lie at $126 and $120, with a close below $120 potentially leading to a drop to $110.
In terms of technical indicators, the hourly MACD for SOL/USD is showing signs of weakening in the bullish zone. However, the hourly RSI remains above the 50 level, indicating that there is still room for further upside potential. Major support levels for SOL include $130 and $126, with resistance levels at $135 and $138.
In conclusion, Solana’s price action has seen a strong recovery wave, with the potential for further gains towards the $150 resistance level. While there may be some resistance at $135 and $138, a successful break above these levels could lead to a sustained uptrend. However, failure to surpass the $138 barrier could result in another decline towards $120. Traders and investors should keep a close eye on key support and resistance levels for potential trading opportunities.
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