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Solana has recently shown a trend of recovery starting from the $120 region. A close above the $142 resistance could further accelerate its price. However, there was a breakout above a significant downtrend line on the SOL/USD 4-hour chart at the $132 resistance. If the pair continues to stay below $142 and $150, another downtrend could begin.
Solana Price Recovers
Solana’s price extended its losses below the $150 and $140 support levels. However, recently, along with other cryptocurrencies like Bitcoin and Ethereum, it started an upward correction and saw a strong increase above the $125 and $130 levels.
However, there was a breakout above a significant downtrend line on the SOL/USD 4-hour chart, and the price failed to close above the $140 region.
Currently, the cryptocurrency Solana is at the $137 level. The immediate resistance is near the $142 level. The next major resistance is at the $150 level.
If $142 Resistance Is Not Surpassed, SOL Price May Decline
SOL has been noticeably searching for direction in recent days. However, failing to surpass the critical $142 resistance could increase concerns that SOL coin might enter another downtrend. At this point, the first downward support appears around $132.
If it falls below the significant support level of $128, the price could show a tendency to decline towards the $120 levels. Moreover, if a close below $120 occurs, the cryptocurrency SOL could likely retreat towards the $105 support level in the near term.
Technical Indicators Signal a Rise
Looking at the technical indicators, the 4-hour MACD for SOL/USD is gaining momentum in an upward trend. Similarly, the 4-hour RSI (Relative Strength Index) is also above the 50 level, indicating that SOL is holding strong.
However, the resistance levels that cryptocurrency SOL could face should also be considered. If a close above $142 occurs, the $150 and $175 levels could become significant and play a critical role in SOL’s upward movement within the top five of the crypto world.
