Solana declined and tested the $128 support zone. SOL price is consolidating losses and it could target a fresh increase above the $132 resistance.
- SOL price started a consolidation phase from the $128 zone against the US Dollar.
- The price is now trading below $135 and the 100 hourly simple moving average.
- There is a connecting bearish trend line forming with resistance at $132 on the hourly chart of the SOL/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it breaks the $132 resistance zone.
Solana price maintains support
Solana price started a fresh decline from the $140 resistance zone as Bitcoin and EthereumSOL fell below the $135 and $132 support levels. It even tested the $128 level.
A low was formed at $128.85 and now the price is consolidating losses. There was a minor spike above the $130 level. The price even tested the 23.6% Fibonacci retracement level of the downward move from the high of $139.83 to the low of $128.85.
Solana is currently trading below the $132 level and the 100-hour simple moving average. There is also a bearish trend line forming that connects to the resistance at $132 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance near the $132 level. The next major resistance is near the $135 level or the 50% Fib retracement level of the downward move from the $139.83 high to $128.85 low. A successful close above the $132 and $135 resistance levels could set the pace for another steady increase. The next key resistance is near $140. Any further gains could send the price towards the $150 level.
More disadvantages in SOL?
If SOL fails to clear the $132 resistance, it could start another decline. The initial support on the downside lies near the $130 level. The first major support lies near the $128 level.
A break below the $128 level could send the price towards the $120 zone. If there is a close below the $120 support, the price could drop towards the $110 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is losing momentum in the bearish zone.
Hourly Relative Strength Index (RSI) – The RSI for SOL/USD is near the 50 level.
Major Support Levels: $130 and $128.
Major Resistance Levels: $132 and $135.
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