Solana (SOL) price has recently experienced a decline and tested the $128 support zone against the US Dollar. However, the price is now consolidating its losses and there is a possibility of it aiming for a fresh increase above the $132 resistance level.
Currently, SOL price is in a consolidation phase from the $128 zone and is trading below $135 as well as the 100-hourly simple moving average. On the hourly chart of the SOL/USD pair sourced from Kraken, a connecting bearish trend line is forming with resistance at $132. If the pair manages to clear the $132 resistance zone, it could potentially gain bullish momentum.
The recent decline in SOL price was initiated from the $140 resistance zone, similar to the movements seen in Bitcoin and Ethereum. The price dropped below key support levels at $135 and $132 before testing the $128 support level. After hitting a low of $128.85, the price is currently consolidating its losses with a minor increase above the $130 level.
As SOL is trading below $132 and the 100-hourly simple moving average, the next major resistance levels to watch out for are near $132 and $135. A successful breakthrough above these levels could pave the way for a steady increase, with the next key resistance at $140 and a potential push towards $150.
However, if SOL fails to surpass the $132 resistance, it might see another decline. Initial support is expected near the $130 level, followed by a major support zone at $128. A break below $128 could lead the price towards the $120 level, with further downside potential towards the $110 support in the near term.
In terms of technical indicators, the hourly MACD for SOL/USD is showing signs of losing pace in the bearish zone, while the hourly RSI is hovering around the 50 level. Major support levels for SOL are at $130 and $128, with major resistance levels at $132 and $135. Traders and investors will be closely monitoring these levels for potential price movements in the coming sessions.