SOL Price Pops 10%, Can Solana Bulls Regain Strength?

Solana began a restoration wave from the $120 zone. SOL worth is rising and would possibly speed up increased if there’s a shut above the $142 resistance.

• SOL worth recovered increased and examined the $140 resistance in opposition to the US Greenback.
• The value is now buying and selling beneath $142 and the 100 easy shifting common (4 hours).
• There was a break above a key bearish pattern line with resistance at $132 on the 4-hour chart of the SOL/USD pair (knowledge supply from Kraken).
• The pair may begin one other decline if it stays beneath $142 and $150.

Solana Worth Faces Resistance

Solana worth prolonged losses beneath the $150 and $140 assist ranges. SOL examined the $120 zone and lately began an upside correction, like Bitcoin and Ethereum.

There was an honest improve above the $125 and $130 ranges. The value climbed above the 23.6% Fib retracement stage of the downward wave from the $160 swing excessive to the $118 low. There was a break above a key bearish pattern line with resistance at $132 on the 4-hour chart of the SOL/USD pair.

It even spiked above the $140 zone and the 100 easy shifting common (4 hours), however there isn’t a hourly shut. The bears are at the moment lively close to the 50% Fib retracement stage of the downward wave from the $160 swing excessive to the $118 low.

Supply: SOLUSD on TradingView.com

Solana is now buying and selling beneath $142 and the 100 easy shifting common (4 hours). Speedy resistance is close to the $142 stage. The subsequent main resistance is close to the $150 stage. A profitable shut above the $150 resistance may set the tempo for one more main improve. The subsequent key resistance is close to $160. Any extra beneficial properties would possibly ship the value towards the $175 stage.

One other Decline in SOL?

If SOL fails to rally above the $142 resistance, it may begin one other decline. Preliminary assist on the draw back is close to the $132 stage.

The primary main assist is close to the $128 stage, beneath which the value may check $120. If there’s a shut beneath the $120 assist, the value may decline towards the $105 assist within the close to time period.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.

4-Hours RSI (Relative Energy Index) – The RSI for SOL/USD is above the 50 stage.

Main Assist Ranges – $132, and $128.

Main Resistance Ranges – $142, $150, and $175.

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