CandleFocus Solana Price (SOL) Shows Strength: Is a Return to $150 Possible?
2024-09-10
Author: Content Editor
Solana's price has formed a support base above $120 and is currently experiencing a recovery wave. It has surpassed resistance levels at $125 and $128, and even climbed above $132 to test the key barrier at $138. However, there was a minor decline below $135 and the price is now consolidating gains. Solana is currently trading above $130 and the 100-hourly simple moving average, with a bullish trend line forming at $130 as support. On the upside, the price is facing resistance at $135 and $138, but a successful close above these levels could lead to further gains towards $142 and potentially $150. If it fails to rise above the $138 resistance, Solana could see another decline, with initial support at $130 and the trend line. The first major support is at $126 and a break below that level could send the price towards $120 and potentially $110. The MACD indicator is losing pace in the bullish zone, but the RSI remains above the 50 level, indicating positive momentum.
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