Solana's Bull Run: Can SOL Sustain Momentum Above $135?
Solana (SOL) has recently demonstrated strong upward momentum, breaking above the $135 resistance zone. As the cryptocurrency consolidates these gains, market analysts are closely watching key technical levels to determine if SOL can extend its rally further, potentially targeting the $140 mark and beyond.
Navigating Recent Gains and Key Supports
Following a broader positive trend seen in Bitcoin and Ethereum, Solana surged past the $135 and $138 levels, entering a short-term bullish phase. The price successfully overcame the $140 resistance, briefly touching above $142 before a minor pullback. This recent upward swing saw a dip below the 50% Fibonacci retracement level, indicating some profit-taking or consolidation. Crucially, SOL is currently maintaining its position above the $138 mark and the 100-hourly simple moving average, with a contracting triangle pattern forming that provides a support base around $138 on the hourly chart.
Critical Resistance and Downside Risks
On the upside, Solana faces immediate resistance around $140, followed by significant barriers at $142 and a crucial psychological level at $145. A sustained close above $145 could pave the way for a more substantial climb towards $150 and potentially $155. Conversely, if SOL struggles to breach the $142 resistance, a decline could ensue. Initial downside support is identified near the $138 zone, which aligns with the trend line and the 76.4% Fibonacci retracement level of the recent upward move. A more critical major support lies at $136, and a break below this could see the price testing the $130 support zone, with a further drop to $120 possible in the near term should the $130 support fail.
Technical Indicators
- Hourly MACD: The MACD for SOL/USD is currently losing pace in the bullish zone, suggesting a potential moderation in buying pressure.
- Hourly RSI: The Relative Strength Index for SOL/USD remains above the 50 level, indicating that bulls still hold an advantage despite the MACD's slowdown.
- Major Support Levels: $138 and $136.
- Major Resistance Levels: $140 and $142.
