Solana has begun a fresh upward move above the $130 level against the US Dollar. The price is now trading above $132 and the 100-hourly simple moving average. A bullish trend line is forming with support at $135 on the hourly chart of the SOL/USD pair. If the pair clears the $140 resistance zone, it could extend its gains.
After settling above $125, Solana’s price started a decent increase, climbing above $130 to enter a short-term positive zone. The price broke through the $132 resistance and was pushed above $135 by the bulls. It is now consolidating gains above the 23.6% Fibonacci retracement level of the recent upward move from the $123 swing low to the $138 high.
Solana is currently trading above $135 and the 100-hourly simple moving average. On the upside, the price faces resistance near $138, with the next major resistance near $140. The main resistance sits at $145. A successful close above $145 could set the stage for another steady increase, with the next key resistance at $150. Further gains might push the price toward $155.
If SOL fails to rise above the $138 resistance, it could start another decline. Initial support on the downside is near the $134 zone and the trend line. The first major support is near $130, which aligns with the 50% Fibonacci retracement level of the recent upward move from the $123 swing low to the $138 high. A break below $130 might send the price toward the $128 support zone. A close below $128 could lead to a decline toward the $120 support in the near term.
Technical Indicators:
– Hourly MACD: Gaining pace in the bullish zone.
– Hourly RSI: Above the 50 level.
– Major Support Levels: $135 and $130.
– Major Resistance Levels: $138 and $140.
Frequently Asked Questions
FAQs Solana Surpasses 132 Signaling Bullish Momentum
BeginnerLevel Questions
1 What does it mean that Solana has surged past 132
It means the price of one SOL token has risen significantly and is now trading above 132 USD which is seen as a major price milestone and indicates strong buying interest
2 What is bullish momentum
Bullish momentum is a market trend where prices are rising and investor sentiment is optimistic expecting the price to continue going up
3 Why is Solanas price going up
Price increases can be driven by several factors including positive news about the Solana network increased usage of its applications a generally rising crypto market and large investors buying in
4 Is now a good time to buy Solana
This is a personal investment decision While the trend appears positive cryptocurrency prices are highly volatile and can drop quickly Never invest more than you can afford to lose and consider doing your own research
5 Where can I buy Solana
You can buy SOL on major cryptocurrency exchanges like Coinbase Binance Kraken and FTX
Intermediate Advanced Questions
6 What specific factors are driving Solanas current rally
Key drivers often include strong network activity successful launches of major projects on its blockchain institutional interest and a broader altcoin season where investors rotate money from Bitcoin into other cryptocurrencies
7 What are the main risks of investing in Solana at this price level
Risks include a major market correction network instability or outages intense competition from other blockchains and profittaking by early investors causing a price pullback
8 What key price level should I watch next
Traders often watch the previous alltime high as a major resistance target On the downside support levels to watch might be around 120 and then 100 Breaking and holding above 132 was psychologically important
9 How does Solanas technology contribute to its value
Solana is valued for its high speed and low transaction costs achieved through its unique Proof of History consensus This