Solana Price Faces Resistance Near $128 Amid Recovery Wave

Solana (SOL) is experiencing a recovery wave above $120, currently consolidating around the $128 resistance zone.

SOL price recovered above $122 and $124 against the US Dollar.
The price is trading above $125 and the 100-hourly simple moving average.
A bearish trend line is forming with resistance at $127 on the SOL/USD hourly chart.
Potential upward movement if SOL clears $128 and $130.

Resistance Levels

Solana started to recover from $117, climbing above $120. The price passed the 50% Fib retracement from the $134 high to the $117 low, reaching above $125. Resistance is seen near $127 and the 61.8% Fib level. Additional major resistances are at $130 and potentially $135. A successful close above $135 could lead to further increases toward $144 and $150.

Solana Price

Potential Decline

If SOL fails to surpass $130, it may decline. Initial support lies around $125, with significant support at $122. A drop below $122 could push the price towards the $117 support zone, and further declines might target $108.

Technical Indicators

Hourly MACD shows momentum in the bullish zone.
Hourly RSI is above 50.
Support Levels: $125, $122
Resistance Levels: $128, $130