Solana, that capricious child of the crypto world, has begun a tentative recovery above the $120 resistance zone. Yet, like a weary traveler, it now lingers in consolidation, its eyes nervously darting toward the formidable $132 resistance.
- SOL, in its infinite wisdom, decided to take a nosedive below the $150 and $140 levels against the ever-watchful US Dollar.
- Now, it sulks below $130, trailing behind the 100-hourly simple moving average like a reluctant student.
- A short-term rising channel, with support at $124, has formed on the hourly chart of the SOL/USD pair (data courtesy of Kraken).
- Should the bulls muster the courage to breach the $132 zone, a fresh increase might just be on the horizon.
Solana’s price, much like a stubborn mule, refused to clear the $155 resistance and instead embarked on a fresh decline, following in the footsteps of Bitcoin and Ethereum. It tumbled below the $140 and $132 support levels, even plunging below the $120 mark. The recent low was a pitiful $114, though the price has since clawed back some dignity, climbing above $120 and $122. It even managed to surpass the 23.6% Fib retracement level of the downward move from the $151 swing high to the $114 swing low.
Currently, Solana trades below $130 and the 100-hourly simple moving average. A short-term rising channel, with support at $124, has formed on the hourly chart of the SOL/USD pair. On the upside, resistance looms near $128, with the next major hurdle at $130. The true test lies at $132, the 50% Fib retracement level of the downward move from the $151 swing high to the $114 swing low.
A triumphant close above the $132 resistance could pave the way for a steady increase, with the next key resistance at $140. Further gains might propel the price toward the $150 level, though such optimism feels almost comical.
Should SOL fail to conquer the $132 resistance, another decline could be in the cards. Initial support lies near $124, with the first major support at $120. A break below $120 might send the price tumbling toward $114, and a close below that could see it plummet to $100, a level that feels almost mythical at this point.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing steam in the bullish zone, like a deflating balloon.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD hovers near the 50 level, as if unsure of its own existence.
Major Support Levels – $124 and $120.
Major Resistance Levels – $128 and $132.
Read More
- Best Heavy Tanks in World of Tanks Blitz (2025)
- CNY RUB PREDICTION
- Here Are All of Taylor Swift’s Albums in Order of Release Date (2025 Update)
- Death Stranding 2 smashes first game’s Metacritic score as one of 2025’s best games
- List of iOS 26 iPhones: Which iPhones Are Supported?
- Delta Force Redeem Codes (January 2025)
- Vitality Triumphs Over The MongolZ To Win The BLAST.tv Austin Major 2025
- Hermanos Koumori Sets Its Athletic Sights on the adidas UltraBOOST 5
- ‘No accidents took place’: Kantara Chapter 1 makers dismiss boat capsizing accident on sets of Rishab Shetty’s film
- The First Descendant fans can now sign up to play Season 3 before everyone else
2025-03-13 08:12