Solana Price (SOL) Consolidates: Time for a Fresh Comeback?

As a seasoned crypto investor with battle scars from countless market corrections and bull runs, I find myself standing at the intersection of hope and caution when it comes to Solana (SOL). The recent decline has tested my patience as SOL dipped to $128, but I’ve learned to embrace these moments as opportunities rather than setbacks.


As a crypto investor, I’ve noticed that Solana has taken a dip and touched the $128 support level. Currently, it appears to be gathering strength and potentially planning a surge past the $132 resistance level.

    SOL price started a consolidation phase from the $128 zone against the US Dollar.
    The price is now trading below $135 and the 100-hourly simple moving average.
    There is a connecting bearish trend line forming with resistance at $132 on the hourly chart of the SOL/USD pair (data source from Kraken).
    The pair could gain bullish momentum if it clears the $132 resistance zone.

Solana Price Holds Support

The price of Solana initially dropped from the $140 barrier, much like Bitcoin and Ethereum did. Solana’s value fell beneath the $135 and $132 support points, reaching as low as $128.

At $128.85, a dip occurred, and the price is currently holding steady amid losses. There was a slight surge above $130, but it didn’t last long. The price also touched the 23.6% Fibonacci retracement point of the decline that started from the peak at $139.83 down to the trough at $128.85.

Currently, Solana’s price is dipping below the $132 mark and just under its 100-hour moving average. Additionally, a downward trendline is emerging, linking points on the chart, with $132 serving as a resistance level for this bearish pattern in the SOL/USD pair’s hourly view.

Solana Price (SOL) Consolidates: Time for a Fresh Comeback?

On a positive note, the cost seems to be encountering resistance around the $132 mark. Subsequent significant resistance lies at approximately $135 or the 50% Fibonacci retracement level of the fall from the peak of $139.83 down to the trough of $128.85. If it manages to close above both the $132 and $135 resistance points, it could pave the way for further steady growth. The next significant resistance would be around $140. Any additional increases might propel the price towards the $150 range.

More Downsides in SOL?

Should SOL not surpass the $132 barrier, a potential drop may ensue. A preliminary floor might be found around the $130 mark. Notably, the primary support lies at approximately $128 level.

Dropping beneath the $128 mark may cause the price to trend towards the $120 region. If we observe a closing rate below the $120 support, the price might start falling towards the nearby $110 support level in the short term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is losing pace in the bearish zone.

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

Major Support Levels – $130 and $128.

Major Resistance Levels – $132 and $135.

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2024-09-17 09:40