Solana has started a novel rally above the $130 zone. SOL price is currently consolidating above $132 and may seek further gains above the $138 zone.

• SOL price has started a novel upward move above the levels of $130 and $132 against the US dollar.
• The price is currently above $132 and the 100-hour straightforward moving average.
• A bullish trend line is forming on the hourly chart of the SOL/USD pair with support at $135 (data source from Kraken).
• The pair could continue its gains if it clears the resistance zone at $140.

Solana’s price is gaining momentum

Solana price started a decent rally after settling above the $125 zone, similar to Bitcoin and Ethereum. SOL climbed above the $130 level, entering the short-term positive zone.

The price even broke through the resistance at $132. The bulls managed to push the price above $135. The price is currently consolidating gains above the 23.6% Fib retracement level resulting from the recent upward move from a low of $123 to a high of $138.

Solana is currently trading above $135 and the 100-hour straightforward moving average. Additionally, a bullish trend line is forming on the hourly chart of the SOL/USD pair with support at $135.

On the other hand, the price is facing resistance near $138. The next major resistance is near the $140 level. The main resistance may be at the $145 level. A successful close above the $145 resistance zone could set the pace for further sustained growth. The next key resistance is $150. Any further gains could push the price towards the $155 level.

Another SOL decline?

If SOL fails to break above the resistance at $185, another decline could begin. Initial downside support is located near the $134 zone and trend line. The first major support is located near the $130 level and the 50% Fib retracement level resulting from the recent upward move from the low of $123 to the high of $138.

A break below the $130 level could push the price towards the $128 support zone. If a close occurs below the $128 support, the price may drop towards the $120 support in the near future.

Technical indicators

Hourly MACD – MACD for SOL/USD is gaining momentum in the bullish zone.

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

Main support levels – $135 and $130.

Major resistance levels – $138 and $140.