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

Solana started a recovery wave from the $120 zone. SOL price is rising and might accelerate higher if there is a close above the $142 resistance. SOL price recovered higher and tested the $140 resistance against the US Dollar....

JaneWalter JaneWalter
May 3, 2024 - 21:08
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SOL Price Pops 10%, Can Solana Bulls Regain Strength?

Solana started a recovery wave from the $120 zone. SOL price is rising and might accelerate higher if there is a close above the $142 resistance.

SOL price recovered higher and tested the $140 resistance against the US Dollar. The price is now trading below $142 and the 100 simple moving average (4 hours). There was a break above a key bearish trend line with resistance at $132 on the 4-hour chart of the SOL/USD pair (data source from Kraken). The pair could start another decline if it stays below $142 and $150.

Solana Price Faces Resistance

Solana price extended losses below the $150 and $140 support levels. SOL tested the $120 zone and recently started an upside correction, like Bitcoin and Ethereum.

There was a decent increase above the $125 and $130 levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $160 swing high to the $118 low. There was a break above a key bearish trend 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 simple moving average (4 hours), but there is no hourly close. The bears are currently active near the 50% Fib retracement level of the downward wave from the $160 swing high to the $118 low.

SOL Price

Source: SOLUSD on TradingView.com

Solana is now trading below $142 and the 100 simple moving average (4 hours). Immediate resistance is near the $142 level. The next major resistance is near the $150 level. A successful close above the $150 resistance could set the pace for another major increase. The next key resistance is near $160. Any more gains might send the price toward the $175 level.

Another Decline in SOL?

If SOL fails to rally above the $142 resistance, it could start another decline. Initial support on the downside is near the $132 level.

The first major support is near the $128 level, below which the price could test $120. If there is a close below the $120 support, the price could decline toward the $105 support in the near term.

Technical Indicators

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

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

Major Support Levels – $132, and $128.

Major Resistance Levels – $142, $150, and $175.

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