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Solana Price Faces Key Resistance Levels
Solana (SOL) has started a recovery wave after bouncing from the $125 support zone, mirroring trends seen in Bitcoin and Ethereum. The price managed to move above $132 and $140, but bullish momentum has stalled near the $145 resistance level.
Current Market Overview
- SOL Price: Trading above $130 and the 100-hourly simple moving average.
- Key Support: A bullish trend line is forming with support at $134 on the hourly SOL/USD chart.
- Resistance Levels: Facing hurdles at $140, $142, and $145.
Will SOL Overcome the $145 Resistance?
After clearing $132 and $140, SOL briefly surpassed $142 but faced a pullback from $145. The price has since corrected downward, dipping below the 23.6% Fibonacci retracement level (from the $125 swing low to the $145 high). Despite this correction, SOL remains above $130, supported by its 100-hourly SMA.
To continue its upward momentum, SOL must break through $140 and $142. A strong close above $145 could pave the way for a rally toward $150, with further upside potential to $162 if bullish momentum sustains.
Possible Downside Risks for SOL
If Solana struggles to break past $142, it may experience another pullback. The initial support lies near $135, which coincides with the 50% Fibonacci retracement level of its recent move. The first significant support level is at $133, and a breakdown below this point could send SOL back to $125.
A daily close below $125 might intensify selling pressure, potentially driving the price toward $114 in the near term.
Technical Indicators
- MACD: Losing momentum in the bullish zone.
- RSI (Relative Strength Index): Below 50, indicating slight bearish pressure.
- Major Support Levels: $135 and $133.
- Major Resistance Levels: $142 and $145.
Conclusion
Solana’s price recovery remains intact but faces significant hurdles. A decisive move above $145 could fuel further gains, while failure to clear resistance may result in another downside move. Traders should watch for key breakouts or breakdowns to assess the next potential price direction.
