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Solana (SOL) Picks Up Speed, Raising Talk of a New Upside Run

Solana began a contemporary enhance above the $136 zone. SOL worth is now consolidating above $138 and would possibly purpose for extra features above the $142 zone.

  • SOL worth began a contemporary upward transfer above the $136 and $138 ranges towards the US Dollar.
  • The worth is now buying and selling above $138 and the 100-hourly easy shifting common.
  • There was a break above a bearish development line with resistance at $137 on the hourly chart of the SOL/USD pair (information supply from Kraken).
  • The pair may lengthen features if it clears the $142 resistance zone.

Solana Price Regains Traction

Solana worth corrected features from the $144 zone however remained steady above the $130 zone, beating Bitcoin and Ethereum. SOL fashioned a low close to $132 and began a contemporary upward transfer.

The worth climbed above the $135 stage to enter a short-term constructive zone. It surpassed the 50% Fib retracement stage of the downward transfer from the $143 swing high to the $132 low. Besides, there was a break above a bearish development line with resistance at $137 on the hourly chart of the SOL/USD pair.

Solana is now buying and selling above $138 and the 100-hourly easy shifting common. On the upside, the value is dealing with resistance close to $140 and the 76.4% Fib retracement stage of the downward transfer from the $143 swing high to the $132 low. 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 features would possibly ship the value towards the $155 stage.

Another Decline In SOL?

If SOL fails to rise above the $140 resistance, it may begin one other decline. Initial help on the draw back is close to the $138 zone. The first main help is close to the $135 stage.

A break beneath the $135 stage would possibly ship the value towards the $132 help zone. If there may be a shut beneath the $132 help, the value may decline towards the $124 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 – $138 and $135.

Major Resistance Levels – $140 and $142.

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