Solana (SOL) Holds on to Key Support: Is a Rebound Imminent?

Solana capped gains and tested support at $132. SOL price is consolidating and may aim for a up-to-date rally above the $140 resistance zone.

SOL price started a up-to-date decline below the $145 zone against the US dollar.
The price is currently trading near $142 and the 100-hour elementary moving average.
SOL/USD has broken above the short-term bearish trend line with resistance at $136 on the SOL/USD hourly chart (data source Kraken).
The pair could start a recovery wave if it holds above the $132 support zone.

Solana price returns to $132

Solana price started a up-to-date decline from the resistance at $162, like Bitcoin and Ethereum. SOL fell below the $155 and $150 support levels. It even dropped below $142.

However, bulls were lively above the support at $132. The bottom was formed at $133.17 and the price is currently consolidating losses. There has been a move above the $135 level. The price has risen above the 23.6% Fib retracement level resulting from the recent decline from a high of $1,482 to a low of $133.

There was also a break above the short-term bearish trend line with resistance at $136 on the hourly chart of the SOL/USD pair. Solana is currently trading below $142 and the 100-hour elementary moving average.

On the other hand, the price is facing resistance near the $140 level. The next major resistance is near the $142 level. It is close to the 61.8% Fib retracement level formed during the recent decline from a high of $1,482 to a low of $133. The main resistance may be at $148.

A successful close above the $148 and $150 resistance levels could set the pace for another sustained rally. The next key resistance is around $155. Any further gains could push the price towards the $162 level.

More flaws in SOL?

If SOL fails to break above the resistance at $140, another decline could begin. Initial downside support is near the $135 level. The first major support is located near the $132 level.

A break below the $132 level could push the price towards the $120 zone. If a close occurs below the $120 support, the price could drop towards the $112 support in the near future.

Technical indicators

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

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

Major support levels – $135 and $132.

Major resistance levels – $140 and $148.