The grayscale solana etfSolana blockchain's native cryptocurrency demonstrates renewed strength after finding solid footing near $128, with technical indicators suggesting potential for extended gains.
■ SOL/USD pair breaks through multiple resistance levels including $132 and $135 zones
■ Current trading position sits comfortably above the 100-hour moving average
■ Technical charts reveal breakout from descending channel pattern at $136
■ Market observers identify $150-$155 range as plausible near-term objectives
SOL Recovers From Recent Dip
After successfully defending the crucial $120 support area, Solana's token established a consolidation phase above $128 before initiating its current upward trajectory. Notably, SOL has demonstrated relative strength compared to major cryptocurrencies Bitcoin and Ethereum during recent trading sessions.
The recovery gained momentum after surpassing the $132 barrier, followed by a decisive move past $135. This upward movement represents a 61.8% retracement of the previous decline from $144.15 to $127.88. The breakthrough at $136 carries particular significance as it involved overcoming a persistent bearish trendline visible on shorter timeframes.
Presently trading above both the $135 psychological level and the 100-period moving average, SOL appears positioned to test the 76.4% Fibonacci retracement level of its recent downward movement.
Market participants now watch for potential resistance near the $144 area, with $150 emerging as the next significant technical hurdle. A confirmed breakout above this level could potentially open the path toward $155, with extended targets near $162 coming into view for particularly optimistic scenarios.
Potential Downside Considerations
Should the current upward momentum falter below $144, traders might anticipate a retest of support levels. Immediate downside protection appears near $136, coinciding with the 100-hour moving average.
The $128 zone represents a more substantial support area, with failure to hold potentially leading to a test of the $120 base. In more bearish circumstances, the $112 region could come into play as subsequent support.
Technical Indicators Overview
Hourly MACD - Shows increasing bullish momentum in SOL/USD pairing
Hourly RSI - Currently positioned above the neutral 50 level, indicating positive momentum
Key Support Zones - $136 and $128 levels
Critical Resistance Areas - $144 and $150 thresholds
