Solana, the cryptocurrency known as SOL, is facing a challenging road ahead for bulls looking for a price increase. After testing the $138 zone, the price of SOL is now attempting to recover. However, in order to start a steady upward movement, the price must overcome resistance at $150 and $155.
Currently, SOL is trading above $145 and the 100-hourly simple moving average, indicating some positive momentum. A bullish trend line is also forming, with support at $146 on the hourly chart of the SOL/USD pair sourced from Kraken.
To initiate a short-term uptrend, the pair needs to break through the $152.50 resistance. If successful, this could set the stage for further gains, with the next significant resistance level near $156.50 and a potential move towards $160.
However, if SOL fails to rally above the $152.50 resistance, it may experience another decline. Immediate support can be found at the $145 level and the aforementioned trend line. The first major support below is at $142, followed by a potential test of $138. A close below the $132 support could result in a further decline towards the $125 support in the near term.
In terms of technical indicators, the hourly MACD for SOL/USD is showing a loss of momentum in the bullish zone, while the hourly RSI is hovering near the 50 level.
All in all, while SOL has shown signs of recovery, there are still obstacles ahead for bulls. Clearing the resistance levels and sustaining upward momentum will be crucial for SOL to navigate its challenging path.