bullish

Solana

Bitcoin

Resistance

Gains

Solana started a decent upward move from the $110 zone. SOL price is rising and might increase further above the $155 resistance zone. 
<ul> 
 <li>SOL price started a recovery wave above the $135 and $140 levels against the US Dollar.</li> 
 <li>The price is now trading above $145 and the 100-hourly simple moving average.</li> 
 <li>There was a break above a key bearish trend line with resistance at $136 on the hourly chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could start another increase if it clears the $155 resistance zone.</li> 
</ul> 
<h2 id="solana-price-recovers-15">Solana Price Recovers 15%</h2> 
Solana price declined heavily below the $165 and $150 levels like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-strength-55k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-climb-3550/" target="_blank" rel="noopener ">Ethereum</a>. It even traded below the $120 support before the bulls appeared. A low was formed at $109 and SOL recently started a recovery wave. 
There was a move above the $120 and $135 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $184 swing high to the $109 low. Besides, there was a break above a key bearish trend line with resistance at $136 on the hourly chart of the SOL/USD pair. 
Solana is now trading above $145 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $155 level. It is close to the 61.8% Fib retracement level of the downward move from the $184 swing high to the $109 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/08/Solana.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-633646 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/08/Solana.png?resize=1024%2C461" alt="Solana Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/Solana.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/08/Solana.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/08/Solana.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/08/Solana.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/08/Solana.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/08/Solana.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/08/Solana.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next major resistance is near the $166 level. A successful close above the $166 resistance could set the pace for another steady increase. The next key resistance is near $184. Any more gains might send the price toward the $195 level. 
<h2 id="another-decline-in-sol">Another Decline in SOL?</h2> 
If SOL fails to rise above the $155 resistance, it could start another decline. Initial support on the downside is near the $140 level. The first major support is near the $135 level. 
A break below the $135 level might send the price toward $122. If there is a close below the $122 support, the price could decline toward the $110 support in the near term. 
Technical Indicators 
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. 
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. 
Major Support Levels – $140 and $135. 
Major Resistance Levels – $155 and $166.

Solana Price (SOL) Gains Traction: Poised for Further Increase?

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