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Solana (SOL) Reclaims 132 Level, Momentum Turns Sharply Bullish

Solana began a contemporary enhance above the $130 zone. SOL value is now consolidating above $132 and may purpose for extra positive aspects above the $138 zone.

  • SOL value began a contemporary upward transfer above the $130 and $132 ranges towards the US Dollar.
  • The value is now buying and selling above $132 and the 100-hourly easy transferring common.
  • There is a bullish pattern line forming with help at $135 on the hourly chart of the SOL/USD pair (information supply from Kraken).
  • The pair may prolong positive aspects if it clears the $140 resistance zone.

Solana Price Gains Momentum

Solana value began an honest enhance after it settled above the $125 zone, like Bitcoin and Ethereum. SOL climbed above the $130 stage to enter a short-term optimistic zone.

The value even smashed the $132 resistance. The bulls have been in a position to push the value above $135. The value is now consolidating positive aspects above the 23.6% Fib retracement stage of the current upward transfer from the $123 swing low to the $138 high.

Solana is now buying and selling above $135 and the 100-hourly easy transferring common. Besides, there’s a bullish pattern line forming with help at $135 on the hourly chart of the SOL/USD pair.

On the upside, the value is dealing with resistance close to $138. The subsequent main resistance is close to the $140 stage. The fundamental resistance may very well be $145. A profitable shut above the $145 resistance zone may set the tempo for one more regular enhance. The subsequent key resistance is $150. Any extra positive aspects may ship the value towards the $155 stage.

Another Decline In SOL?

If SOL fails to rise above the $185 resistance, it may begin one other decline. Initial help on the draw back is close to the $134 zone and the pattern line. The first main help is close to the $130 stage and the 50% Fib retracement stage of the current upward transfer from the $123 swing low to the $138 high.

A break beneath the $130 stage may ship the value towards the $128 help zone. If there’s a shut beneath the $128 help, the value may decline towards the $120 help within the close to time period.

Technical Indicators

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

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

Major Support Levels – $135 and $130.

Major Resistance Levels – $138 and $140.

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