Solana (SOL) Gains Capped—Breaking $150 Won’t Be Easy

Solana began a restoration wave above the $132 resistance zone. SOL worth is now consolidating and may battle to get well above the $150 resistance.

• SOL worth began a restoration wave from the $125 help zone in opposition to the US Greenback.
• The value is now buying and selling above $130 and the 100-hourly easy transferring common.
• There’s a connecting bullish pattern line forming with help at $134 on the hourly chart of the SOL/USD pair (information supply from Kraken).
• The pair may begin a recent improve if the bulls clear the $142 zone.

Solana Value Faces Resistance

Solana worth began a restoration wave from the $125 zone, like Bitcoin and Ethereum. SOL was capable of climb above the $132 and $140 resistance ranges.

The value even cleared the $142 stage, however it confronted resistance close to $145. A excessive was fashioned at $145 and the worth began a draw back correction. There was a transfer beneath the $142 stage. The value dipped beneath the 23.6% Fib retracement stage of the upward transfer from the $125 swing low to the $145 excessive.

Solana is now buying and selling above $130 and the 100-hourly easy transferring common. There may be additionally a connecting bullish pattern line forming with help at $134 on the hourly chart of the SOL/USD pair.

On the upside, the worth is dealing with resistance close to the $140 stage. The subsequent main resistance is close to the $142 stage. The primary resistance may very well be $145. A profitable shut above the $145 resistance zone may set the tempo for an additional regular improve. The subsequent key resistance is $150. Any extra positive factors may ship the worth towards the $162 stage.

One other Decline in SOL?

If SOL fails to rise above the $142 resistance, it may begin one other decline. Preliminary help on the draw back is close to the $135 zone and the 50% Fib retracement stage of the upward transfer from the $125 swing low to the $145 excessive. The primary main help is close to the $133 stage.

A break beneath the $133 stage may ship the worth towards the $125 zone. If there’s a shut beneath the $125 help, the worth may decline towards the $114 help within the close to time period.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is shedding tempo within the bullish zone.

Hourly Hours RSI (Relative Power Index) – The RSI for SOL/USD is beneath the 50 stage.

Main Assist Ranges – $135 and $133.

Main Resistance Ranges – $142 and $145.

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