Solana (SOL) Could Regain Steam: Is a Fresh Rally Ahead?

Solana tested the $135 support and recently corrected losses. SOL price is rising and might gain bullish momentum if it clears the $144 resistance. SOL price is attempting a fresh increase from the $135 zone against the US Dollar. The price is now trading below $145 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $139 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could gain bullish momentum if it breaks the $145 resistance zone. Solana Price Aims Higher Solana price climbed above the $146 and $148 levels before the bears appeared. SOL traded as high as $152 and recently saw a fresh decline like Bitcoin and Ethereum. The price declined below the $145 and $140 support levels. A low was formed at $135.39 and the price is now rising. There was a decent move above the $140 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $152 swing high to the $135.39 low. There was a break above a key bearish trend line with resistance at $139 on the hourly chart of the SOL/USD pair. Solana is now trading below $145 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $144 level. It is close to the 50% Fib retracement level of the downward move from the $152 swing high to the $135.39 low. The next major resistance is near the $146 level. The main resistance could be $150. A successful close above the $150 and $152 resistance levels could set the pace for another steady increase. The next key resistance is near $162. Any more gains might send the price toward the $175 level. Another Decline in SOL? If SOL fails to rise above the $144 resistance, it could start another decline. Initial support on the downside is near the $138 level. The first major support is near the $134 level. A break below the $135 level might send the price toward the $132 zone. If there is a close below the $132 support, the price could decline toward the $120 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 – $138 and $135. Major Resistance Levels – $144 and $150.