Crypto Analyzer

Solana (SOL) Bulls Optimistic as Price Shows Signs of Recovery

Solana (SOL) has recently exhibited positive price movements, signaling a potential recovery from the $128 zone. With a price surge of over 6%, bullish sentiment is on the rise as investors aim to reclaim the $150 level.

Key highlights from the recent market activity include:

  • SOL price has surpassed the $132 resistance level against the US Dollar.
  • The current trading price is above $135 and the 100-hourly simple moving average.
  • A significant breakthrough occurred with a key bearish trend line resistance at $136 on the SOL/USD hourly chart sourced from Kraken.
  • Market analysts anticipate further upward movement towards $150 and potentially even $155 in the near future.

Solana Price Action and Outlook

Despite recent market fluctuations, Solana’s price managed to maintain stability above the $120 pivot level. Currently, SOL has shown resilience above the $128 mark and initiated a notable recovery trend, surpassing both Bitcoin and Ethereum in recent sessions.

By clearing key resistance levels at $132 and $135, SOL successfully breached the 61.8% Fibonacci retracement level, indicating a bullish outlook. The breakout above the bearish trend line at $136 further bolstered the positive momentum.

At present, SOL is trading above $135 and the 100-hourly simple moving average, with efforts underway to close above the 76.4% Fibonacci retracement level from the recent swing high to low.

Solana Price
Source: SOLUSD on TradingView.com

The immediate resistance for SOL stands near $144, followed by a key hurdle at $150. A successful breach of the $150 resistance level could pave the way for further upward movement, with the next significant resistance at $155. Subsequent gains may drive the price towards $162.

Potential Downside Scenarios for SOL

In the event of a failure to overcome the $144 resistance, SOL may face renewed selling pressure. Initial support is anticipated around $136 and the 100-hourly simple moving average.

Should a downtrend materialize, the first major support level lies at $128, with further downside potential towards $120. A breach below $120 could lead to a test of the $112 support level in the short term.

Technical Indicators and Key Levels to Watch

Technical analysis indicators point to a positive outlook:

  • Hourly MACD: Showing bullish momentum for SOL/USD.
  • Hourly RSI (Relative Strength Index): Above the 50 level, indicating strength in the current uptrend.

Key Price Levels:

  • Support Levels: $136, $128
  • Resistance Levels: $144, $150