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Solana (SOL) Holds Support Post-Gains, Testing Bull Conviction

Solana began a recent enhance above the $135 zone. SOL worth is now consolidating above $135 and may goal for extra positive factors above the $140 zone.

  • SOL worth began a recent upward transfer above the $135 and $138 ranges towards the US Dollar.
  • The worth is now buying and selling above $135 and the 100-hourly easy shifting common.
  • There is a contracting triangle forming with help at $138 on the hourly chart of the SOL/USD pair (information supply from Kraken).
  • The pair may prolong positive factors if it clears the $140 resistance zone.

Solana Price Eyes Another Increase

Solana worth began an honest enhance after it settled above the $130 zone, like Bitcoin and Ethereum. SOL climbed above the $135 stage to enter a short-term constructive zone.

The worth even smashed the $140 resistance. The bulls had been capable of push the value above $142. Recently, there have been a few swing strikes and the value dipped under the 50% Fib retracement stage of the current upward transfer from the $136 swing low to the $141 high.

Solana is now buying and selling above $138 and the 100-hourly easy shifting common. Besides, there’s a contracting triangle forming with help at $138 on the hourly chart of the SOL/USD pair.

On the upside, the value is going through resistance close to $140. The subsequent main resistance is close to the $142 stage. The major resistance might be $145. A profitable shut above the $145 resistance zone may set the tempo for an additional regular enhance. The subsequent key resistance is $150. Any extra positive factors may ship the value towards the $155 stage.

Downside Break In SOL?

If SOL fails to rise above the $142 resistance, it may begin one other decline. Initial help on the draw back is close to the $138 zone, the pattern line, and the 76.4% Fib retracement stage of the current upward transfer from the $136 swing low to the $141 high. The first main help is close to the $136 stage.

A break under the $136 stage may ship the value towards the $130 help zone. If there’s a shut under the $130 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 shedding tempo within the bullish zone.

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

Major Support Levels – $138 and $136.

Major Resistance Levels – $140 and $142.

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