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Solana (SOL) has begun to recover from its recent decline below $135. Currently, the price of SOL is consolidating and facing challenges near $140, suggesting a possible continuation of the bullish trend.
Current Market Situation
The price of SOL has confidently risen above $132 and $135 against the US dollar. Currently, it is trading above $135 and the 100-hour simple moving average, which is a positive signal for investors. On the hourly chart of the SOL/USD pair (data source: Kraken), a key bearish trendline with resistance at $138 has been broken.
Price Outlook
If Solana's price breaks above $140 and $142, it could pave the way for further gains. It's important to note that the price of SOL jumped 10% and remained stable, a trend also seen in other major cryptocurrencies such as Bitcoin and Ethereum.
There was a move above the 61.8% Fibonacci retracement of the downward move from the high of $145 to the low of $123. This confirms that bullish sentiment is beginning to dominate the market.
Resistance and Support Levels
From an upside perspective, the immediate resistance is near $140. The next major resistance is located at $142, and the primary resistance level could be $145. A successful close above the $145 resistance zone could set the pace for further steady gains, potentially reaching $155. Further gains could lead to a price target of $162.
Potential Risks
However, if SOL fails to rise above the $140 resistance level, it could lead to further declines. Initial support on the decline is around $136 and along the same trendline. If the price breaks this level, it could signal more serious problems and lead to further declines.
In Conclusion
Overall, Solana is showing signs of recovery, and bullish market sentiment could support further gains. However, investors should closely monitor key resistance and support levels to make informed decisions. A successful breakout of $140 and $145 could open new horizons for SOL, while a failure to do so could lead to a correction.
