Solana climbed above $130 after starting a recovery wave from the $125 zone, but the cryptocurrency faces significant resistance near $135 as traders watch for signs of sustained momentum. The digital asset traded above its 100-hourly simple moving average while forming a bullish trend line with support at $130, according to data from Kraken.
Key Facts:
- Solana recovered from lows near $121 to trade above $130, passing the 100-hourly simple moving average
- Immediate resistance sits at $135, representing the 61.8% Fibonacci retracement level from the recent decline
- Technical indicators show the MACD gaining pace in bullish territory while RSI holds above 50
What Happened: Price Rebounds
Solana began its recovery after holding support above $125, mirroring gains seen in Bitcoin and Ethereum. The cryptocurrency pushed through the $130 threshold and approached the 50% Fibonacci retracement level of its decline from $145 to $121. Hourly chart data reveals a bullish trend line providing support at the $130 level.
The cryptocurrency now trades above both the $130 mark and its 100-hourly simple moving average.
Resistance emerged near $135, which corresponds to the 61.8% Fibonacci retracement of the move down from $145 to $121. Additional resistance levels sit at $140 and $145, with the latter representing a critical barrier for bulls.
A break above $145 could trigger further gains toward $155 and potentially $162. However, failure to clear $135 would leave Solana vulnerable to renewed selling pressure. Support levels stand at $130, followed by more substantial support at $127 and $124.
Why It Matters: Momentum Test
The recovery attempt represents a test of whether Solana can sustain upward momentum after recent weakness. Technical indicators offer mixed signals, with the MACD showing increasing bullish momentum while the price struggles at key resistance levels.
The Relative Strength Index remains above 50, suggesting buyers maintain some control.
A decline below $127 would raise concerns about the recovery's durability and could push the price toward $124. Further weakness beneath that level might send Solana back toward $120 in the near term. The cryptocurrency's ability to hold above the 100-hourly moving average and the bullish trend line will determine whether this recovery wave continues or fades.
Closing Thoughts
Solana's rebound from $125 to above $130 shows buyers stepping in at lower levels, but the cryptocurrency needs to overcome resistance at $135 and $140 to establish a more convincing recovery. The near-term direction depends on whether bulls can generate enough momentum to breach these technical barriers or whether sellers reassert control at current levels.
