Solana climbed above $132 on Jan. 5 following a sustained rally that pushed the altcoin past its 100-hourly simple moving average. The price surge marks a technical reversal after weeks of consolidation, with momentum indicators signaling continued strength as traders watch for a potential breakout above $140.
What Happened: Price Rally
Solana price broke through the $130 and $132 resistance levels against the US dollar. The asset advanced above $135 after establishing support at $125, mirroring broader market gains seen in Bitcoin and Ethereum.
A bullish trend line formed with support at $135 on the hourly chart of the SOL/USD pair. The price reached $138 before consolidating above the 23.6% Fibonacci retracement level of the upward move from the $123 swing low.
The asset now faces resistance near $138, with major barriers at $140 and $145.
A close above $145 could trigger a move toward $150, while further gains might push the price to $155.
On the downside, initial support sits at $134 and the trend line, with major support at $130 and the 50% Fibonacci retracement level. A break below $130 could send the price toward $128, while a close below that level might lead to a decline toward $120.
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Why It Matters: Technical Momentum
The hourly MACD indicator is gaining pace in the bullish zone, while the Relative Strength Index sits above 50. These technical signals suggest momentum remains with buyers as the asset consolidates recent gains.
Major support levels stand at $135 and $130, while resistance levels are positioned at $138 and $140.
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