Solana recently experienced a decline after facing resistance at $155. Despite the drop of over 10%, SOL bulls have managed to defend the $132 support level.
The decline began when SOL failed to break above the $155 resistance against the US Dollar. The price currently sits below $145 and the 100-hourly simple moving average. Additionally, a bullish trend line with support at $150 was broken on the hourly chart of the SOL/USD pair.
Throughout the decline, SOL performed worse than Bitcoin and Ethereum. The price dropped to the $132 support zone, reaching a low of $132.17. However, there are now attempts to initiate a recovery wave, with the price surpassing the $135 level.
As the recovery continues, the price could face resistance near the $138 level. The next significant resistance lies around $143.50, followed by the 50% Fibonacci retracement level of the recent decline from the $154.74 swing high to the $132.17 low.
If the price manages to close successfully above the $143.50 resistance, it could pave the way for further increases. The next crucial resistance level to watch out for is approximately $150, and any additional gains might push the price towards $155.
However, failing to surpass the $143.50 resistance could result in another decline. The initial support on the downside lies near $135, while the first major support is at $132. A drop below $125 could lead to a test of the $112 support in the near future.
The hourly MACD for SOL/USD indicates increasing bearish momentum, and the hourly RSI is below the 50 level.
In summary, Solana’s recent decline has been moderated by bulls defending the $132 support level. The price faces resistance at $138 and $143.50, and a successful breakthrough could lead to further gains towards $150 and $155. Conversely, a failure to surpass resistance may cause a decline towards support levels at $135 and $132, with the possibility of a further drop to $125 or $112.