Solana Targets Recovery as $155 Resistance Level Re-emerges
Solana’s recent market performance indicates a recovery phase as it aims to break resistance levels. The cryptocurrency began a significant upward trend after stabilizing above the $132 range, marking a potential resurgence in its value.
Current Price Developments in Solana
The Solana (SOL) price has experienced a notable increase, currently consolidating above the $140 threshold. After beginning a recovery wave, it climbed above key levels of $135 and $140, signaling a positive trend against the US Dollar.
As Solana trades above the 100-hourly simple moving average, technical indicators suggest continued momentum. A crucial resistance level to watch is situated at $145, followed closely by the $150 mark.
Resistance and Support Levels
- Immediate Resistance: $145
- Next Major Resistance: $150
- Main Resistance Level: $155
- Support Levels:
- Initial Support: $138
- Major Support: $135
- Critical Support: $128
For Solana to gain further traction, it must breach the $155 resistance zone. Such a breakthrough could pave the way for potential upward movement towards $165 and even $172. Conversely, if SOL fails to surpass the $150 resistance, it may face declines. A drop below $135 could suggest even more downward momentum towards $120.
Technical Insights
Technical analysis reveals that the hourly MACD indicates bullish momentum for SOL/USD. Moreover, the Relative Strength Index (RSI) remains above the neutral 50 level, suggesting a favorable environment for upward movement.
With the market closely observing these developments, traders and investors should keep an eye on Solana’s ability to navigate through these resistance levels. A successful rally above $155 could signify a stronger recovery phase, while setbacks could lead to notable declines.
