- Solana recently tested the $138 support region, priming itself for a potential recovery.
- Market observers are keen on SOL breaching the $150 and $155 resistance thresholds to validate a more sustained upward movement.
- A notable detail includes a bullish trend line forming near the $146 support level, as indicated by hourly chart analysis from Kraken.
Solana’s recovery phase: Will it clear the $150 hurdle and sustain its upward trajectory? Find out the key resistance levels to watch.
Solana Eyes Potential Uptrend After Testing $138 Zone
In recent trading sessions, Solana (SOL) suffered losses, dropping below critical support at the $150 level. Following a decline that mirrored downturns in Bitcoin and Ethereum, SOL found its base at approximately $138 before initiating a promising recovery wave.
Breakthroughs above the $142 and $145 resistance points were pivotal in this resurgence. Remarkably, SOL surpassed the 50% Fibonacci retracement of its descent from the $161.89 high to the $138.01 low. As of now, Solana is trading above $145 and the hourly 100-simple moving average. Reinforcing this bullish sentiment is a trend line with support around $146 on the SOL/USD pair chart.
Key Resistance Levels to Watch
The immediate challenge for SOL lies at the $150 resistance mark. Beyond this, the $152.50 level acts as a significant barrier, aligning with the 61.8% Fibonacci retracement from the $161.89 swing high to the recent $138.01 low. A close above $152.50 could catalyze further gains, setting the stage for a test of the $156.50 resistance.
A sustained rally might propel SOL toward the $160 level, affirming a new uptrend for the cryptocurrency.
Assessing the Downside Risk
Conversely, failure to surmount the $152.50 resistance may invite another pullback. Key support on the downside includes the $145 level, bolstered by the aforementioned bullish trend line. Should this support falter, the next critical threshold is $142, with a significant bearish trigger possible if prices dip below $138.
Technical Indicators Insight
Monitoring technical indicators, the hourly MACD for SOL/USD appears to be losing momentum in the bullish territory. The Relative Strength Index (RSI) hovers around the median 50 level, suggesting a balanced state between buyers and sellers at present.
Conclusion
Summarizing, Solana is at a crucial juncture, with resistance levels at $150 and $152.50 pivotal for triggering further upsides. Traders should closely watch these figures, alongside support levels at $145 and $142, to navigate potential market movements and capitalize on emerging trends.
