Solana (SOL) Reclaims $132 Level, Momentum Turns Sharply Bullish

Source: CryptoNewsNet Original Title: Solana (SOL) Reclaims 132 Level, Momentum Turns Sharply Bullish Original Link:

Solana Price Gains Momentum

Solana price started a decent increase after it settled above the $125 zone, similar to Bitcoin and Ethereum. SOL climbed above the $130 level to enter a short-term positive zone.

The price even broke through the $132 resistance. The bulls were able to push the price above $135. The price is now consolidating gains above the 23.6% Fib retracement level of the recent upward move from the $123 swing low to the $138 high.

Solana is now trading above $135 and the 100-hourly simple moving average. There is a bullish trend line forming with support at $135 on the hourly chart of the SOL/USD pair.

Resistance Levels Ahead

On the upside, the price is facing resistance near $138. The next major resistance is near the $140 level, with the main resistance at $145. A successful close above the $145 resistance zone could set the pace for another steady increase, with the next key resistance at $150. Any further gains might send the price toward the $155 level.

Potential Downside Risk

If SOL fails to rise above the $145 resistance, it could start another decline. Initial support on the downside is near the $134 zone and the trend line. The first major support is near the $130 level and the 50% Fib retracement level of the recent upward move from the $123 swing low to the $138 high.

A break below the $130 level might send the price toward the $128 support zone. If there is a close below the $128 support, the price could decline toward the $120 support in the near term.

Technical Indicators Summary

• Hourly MACD: Gaining pace in the bullish zone
• Hourly RSI: Above the 50 level
• Major Support Levels: $135 and $130
• Major Resistance Levels: $138 and $140