Solana (SOL) Faces Many Challenges—Can Bulls Hold the Line?
Solana started a wave of recovery above the $120 resistance zone. Now, the Sol price is consolidating and it may be difficult to recover to resistors above $132.
- Sol Price starts a new decline below the $150 and $140 levels.
- Now, the price trades below $130, while the 100-hour simple moving average.
- On the hourly chart of the SOL/USD pair (Kraken’s data source), there is a short-term upward channel forming, supporting $124.
- If the Bulls cleared the $132 area, the two could start a new growth.
Solana prices face resistance
Solana Price Bitcoin and Ethereum. SOL fell below the support levels of $140 and $132.
It’s even below the $120 level. The recent low formed at $114, and the price recovered some losses. It climbed to the $120 and $122 levels. Prices exceeded the 23.6% FIB retracement level from a swing high of $151 to a swing of $114.
Solana is now trading below $130, while the 100-hour simple moving average. There is also a short-term uptrend on the hourly chart of the SOL/USD pair, supporting $124.
On the plus side, the price is facing a resistance level of $128. The next major resistor is close to the $130 level. The main resistance could be $132, while the drop in 50% FIB retracement level is from a swing high of $151 to a swing low of $114.
Successful closing of resistor zones above $132 can set the pace for another steady growth. The next key resistance is $140. More gains may shift the price to the $150 level.
Another decline in SOL?
If the SOL cannot exceed the $132 resistance, it may drop again. The initial support for the disadvantage is around the $124 area. The first major support is close to $120.
Rest hours below $120 may shift the price to the $114 area. If it is close to $114 support, the price may drop to $100 support in the short term.
Technical Indicators
Hourly MACD – SOL/USD’s MACD lost its pace in the bullish area.
Hours and hours RSI (relative intensity index) – The RSI of SOL/USD is close to level 50.
Main support levels – $124 and $120.
Major resistance levels – $128 and $132.
