Solana Price (SOL) Shows Strength: Is a Return to $150 Possible?

Credit : www.newsbtc.com

Solana began a restoration wave from the $120 zone. SOL value is rising and will goal a transfer in direction of the USD 150 resistance stage.

• The SOL value began a restoration wave above the $125 stage towards the US greenback.
• The value is now buying and selling above $128 and the 100-hour transferring common.
• A connecting bullish trendline is forming with assist at $130 on the hourly chart of the SOL/USD pair (Kraken knowledge supply).
• The pair may acquire bullish momentum if it crosses the $138 resistance zone.

Solana Worth Extends Losses

Solana value fashioned a assist base above the $120 stage and began a restoration wave like Bitcoin and Ethereum. SOL traded above the USD 125 and USD 128 resistance ranges.

The value even climbed above USD 132 and examined the important thing barrier at USD 138. A excessive was reached at $137 and the worth is now consolidating features. There was a small decline beneath $135 and the 23.6% Fib retracement stage of the upward transfer from the $120 swing low to the $137 excessive.

Solana is now buying and selling above $130 and the 100-hour transferring common. A connecting bullish trendline can also be forming with assist at $130 on the hourly chart of the SOL/USD pair.

On the upside, the worth is going through resistance across the $135 stage. The subsequent main resistance is across the $138 stage. A profitable shut above the USD 135 and USD 138 resistance ranges may set the tempo for one more regular rise. The subsequent main resistance is close to $142. Any additional features may ship the worth in direction of the USD 150 stage.

One other drop within the SOL?

If SOL fails to rise above the USD 138 resistance, it may set off one other decline. The preliminary draw back assist is close to the $130 stage and the trendline. The primary main assist is close to the $126 stage and the 61.8% Fib retracement stage of the upward transfer from the $120 swing low to the $137 excessive.

A break beneath the USD 126 stage may ship the worth in direction of USD 120. If there’s a shut beneath the $120 assist, the worth may fall in direction of the $110 assist within the close to time period.

Technical indicators

Hourly MACD – The MACD for SOL/USD is shedding tempo within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for SOL/USD is above the 50 stage.

Main assist ranges – USD 130 and USD 126.

Main resistance ranges – $135 and $138.