Solana failed to hold above $142 and has pulled back. The price is now trading below $140 and could find support near $135. SOL began correcting lower against the U.S. Dollar after being unable to break past $145, moving similarly to Bitcoin and Ethereum. It dropped below $142 and $140, entering a short-term bearish phase, and fell below the 50% Fibonacci retracement level of the recent rally from $131 to $145. However, buyers have stepped in around $136.
A bullish trend line is forming with support at $135 on the SOL/USD hourly chart. Solana remains above $135 and the 100-hourly simple moving average. On the upside, resistance is near $140, followed by $145. The main hurdle is around $148. A clear break above $148 could pave the way for further gains toward $155, and potentially $165.
If SOL fails to climb above $142, it could resume its decline. Initial support sits near $136, which aligns with the 61.8% Fibonacci retracement level of the recent upswing. The first major support is at $135, along the trend line. A break below $135 could push the price toward $132. Closing below $132 might lead to a drop toward $125.
Technical Indicators
– Hourly MACD: Gaining momentum in bearish territory.
– Hourly RSI: Below 50.
– Major Support Levels: $135 and $132.
– Major Resistance Levels: $142 and $145.
Frequently Asked Questions
FAQs Solanas Price Pullback and Support Test
Beginner Questions
What does it mean that Solana pulled back from a critical resistance area
This means Solanas price tried to rise past a specific price level where selling pressure has historically been strong failed to break through and started to move downward
What is a support level in trading
A support level is a price point where an asset like Solana tends to stop falling and may bounce back up because buyers see it as a good value and start purchasing
Why is this pullback happening
Pullbacks are normal in markets It often happens after a price rally when some traders decide to take profits or when there isnt enough new buying pressure to push the price higher
Should I be worried if I hold Solana
Not necessarily Pullbacks and tests of support are standard market behavior It becomes a concern only if the price breaks below a major support level and stays there
How can I find out what Solanas current support level is
You can look at a price chart Analysts often identify support as a previous price low a moving average or a zone where the price has bounced multiple times in the past
Intermediate Market Analysis Questions
What typically happens when an asset tests a support level
The price reaches the support area Traders watch to see if buying volume increases causing the price to hold and bounce or if selling pressure overwhelms buyers and the price breaks down through the support
What are signs that Solanas support will hold
Look for the price slowing its descent as it nears support forming patterns like a hammer candlestick or a sharp increase in buying volume that pushes the price back up
What happens if Solana breaks below its support level
If it breaks below with significant volume and closes there the support level can become a new resistance level This often leads to further downward movement as it searches for the next level of support
Does this pullback change Solanas longterm outlook
A single pullback usually doesnt change a longterm trend The longterm outlook depends more on broader market conditions network adoption development activity and whether key higher