Solana

Bitcoin

Resistance

Solana started a recovery wave from the $120 zone. SOL price is rising and might accelerate higher if there is a close above the $142 resistance. 
<ul> 
 <li>SOL price recovered higher and tested the $140 resistance against the US Dollar.</li> 
 <li>The price is now trading below $142 and the 100 simple moving average (4 hours).</li> 
 <li>There was a break above a key bearish trend line with resistance at $132 on the 4-hour chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could start another decline if it stays below $142 and $150.</li> 
</ul> 
<h2 id="solana-price-faces-resistance">Solana Price Faces Resistance</h2> 
Solana price extended losses below the $150 and $140 support levels. SOL tested the $120 zone and recently started an upside correction, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovery-60k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-100-sma-resistance/" target="_blank" rel="noopener ">Ethereum</a>. 
There was a decent increase above the $125 and $130 levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $160 swing high to the $118 low. There was a break above a key bearish trend line with resistance at $132 on the 4-hour chart of the SOL/USD pair. 
It even spiked above the $140 zone and the 100 simple moving average (4 hours), but there is no hourly close. The bears are currently active near the 50% Fib retracement level of the downward wave from the $160 swing high to the $118 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Solana.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-606339" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Solana.png?resize=1024%2C461" alt="SOL Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Solana.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/SOLUSD/" target="_blank" rel="noopener nofollow">SOLUSD on TradingView.com</a> 
Solana is now trading below $142 and the 100 simple moving average (4 hours). Immediate resistance is near the $142 level. The next major resistance is near the $150 level. A successful close above the $150 resistance could set the pace for another major increase. The next key resistance is near $160. Any more gains might send the price toward the $175 level. 
<h2 id="another-decline-in-sol">Another Decline in SOL?</h2> 
If SOL fails to rally above the $142 resistance, it could start another decline. Initial support on the downside is near the $132 level. 
The first major support is near the $128 level, below which the price could test $120. If there is a close below the $120 support, the price could decline toward the $105 support in the near term. 
Technical Indicators 
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone. 
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. 
Major Support Levels – $132, and $128. 
Major Resistance Levels – $142, $150, and $175.

SOL Price Pops 10%, Can Solana Bulls Regain Strength?

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