Solana fell and tested the $128 support zone. SOL price is consolidating losses and may aim for a recent rally above the $132 resistance.

• SOL price started the consolidation phase at $128 against the US dollar.
• The price is currently below $135 and the 100-hour uncomplicated moving average.
• On the hourly chart of the SOL/USD currency pair, a connecting downtrend line is forming with resistance at $132 (data source: Kraken).
• The pair may gain upward momentum if it breaks through the resistance zone at USD 132.

Solana Price maintains support

Solana price started a fresh decline from the $140 resistance zone, similar to Bitcoin and Ethereum. SOL fell below the $135 and $132 support levels. It even tested $128.

A low was formed at $128.85 and the price is now consolidating losses. There was a compact rally above the $130 level. The price even tested the 23.6% Fibonacci retracement level of the downward move from the $139.83 high to the $128.85 low.

Solana is now trading below $132 and the 100-hour uncomplicated moving average. A connecting bearish trendline is also forming on the hourly chart of the SOL/USD pair with resistance at $132.

On the downside, price is encountering resistance near the $132 level. The next major resistance is near the $135 level or the 50% Fibonacci retracement level of the downward move from the $139.83 high to the $128.85 low. A successful close above the $132 and $135 resistance levels could set the pace for another solid rally. The next key resistance is near the $140 level. Any further gains could take price towards the $150 level.

More SOL flaws?

If SOL fails to break above the $132 resistance, it could begin another decline. Initial support on the downside is near the $130 level. The first major support is near the $128 level.

A break of the $128 level could take the price towards the $120 zone. If a close below the $120 support occurs, the price could decline towards the $110 support in the near future.

Technical indicators

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

Hourly RSI (Relative Strength Index) – RSI for the SOL/USD pair is approaching the 50 level.

Major support levels – $130 and $128.

Major resistance levels – $132 and $135.