Solana, that sprightly digital coin, has begun its ascent from the depths of $132, yet the summit of $150 remains a distant, almost mythical, peak. The journey is fraught with resistance, and the path is anything but smooth.
- From the murky depths of $125, SOL has clawed its way back, trading now above $130, with the 100-hourly simple moving average as its trusty companion.
- A bullish trend line, like a lifeline, offers support at $134 on the hourly chart of the SOL/USD pair (data courtesy of Kraken).
- Should the bulls muster the strength to breach the $142 barrier, a fresh surge might be on the horizon.
Solana’s price, much like its brethren Bitcoin and Ethereum, has embarked on a recovery journey from the $125 zone. It managed to scale the $132 and $140 resistance levels, even briefly touching $145 before retreating. The price dipped below the 23.6% Fib retracement level of its upward trajectory from $125 to $145, yet it remains above $130 and the 100-hourly simple moving average.
On the upside, the $140 level looms as a formidable resistance, with $142 and $145 standing as the next major hurdles. A successful breach of $145 could pave the way for a steady climb towards $150, and perhaps even $162. But, as with all things in the volatile world of crypto, nothing is certain.
Should SOL falter at the $142 resistance, another decline could be in the cards. Initial support lies near $135, with $133 and $125 as the next major levels. A break below $125 could see the price tumble towards $114.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing its bullish momentum.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is languishing below the 50 level.
Major Support Levels – $135 and $133.
Major Resistance Levels – $142 and $145.
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2025-03-25 08:11