Solana (SOL) Targets Upside Break, Bulls Smell Momentum Shift
#TrumpTariffs Solana started a recovery wave above the $120 zone. SOL price is now consolidating and faces hurdles near the $128 zone.
#BinanceAlphaAlert SOL price started a decent recovery wave above $122 and $124 against the US Dollar.
The price is now trading above $125 and the 100-hourly simple moving average.
There is a key bearish trend line forming with resistance at $127 on the hourly chart of the SOL/USD pair (data source from Kraken).
The price could continue to move up if it clears $128 and $130.
Solana Price Faces Resistance
Solana price remained stable and started a decent recovery wave from $117, like Bitcoin and Ethereum. SOL was able to climb above the $120 level.
There was a move above the 50% Fib retracement level of the downward move from the $134 swing high to the $117 low. The bulls even pushed the price above $125. However, the bears remained active near $127. There is also a key bearish trend line forming with resistance at $127 on the hourly chart of the SOL/USD pair.
Solana is now trading above $125 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $127 level, and the 61.8% Fib retracement level of the downward move from the $134 swing high to the $117 low.