Solana (SOL) recently trimmed its gains, testing the crucial support level of $132. The price is currently trading close to $142 and the 100-hourly simple moving average. It remains in a consolidation phase, aiming for a fresh increase above the $140 resistance zone.
The price decline started from the $162 resistance, similar to Bitcoin and Ethereum. It fell below important levels, including $155, $150, and eventually $142. Bulls, however, showed activity near the $132 support, helping the price consolidate its losses.
A potential recovery wave could initiate if SOL maintains its position above the $132 support level. On the upside, a break above $140, $148, and $150 resistances could pave the way for further gains towards the $162 level. Conversely, failing to overcome the $140 resistance might lead to another decline.
Technical indicators present mixed signals. The hourly MACD for SOL/USD is losing momentum in the bearish zone, while the RSI is positioned below the 50 level. Key support levels to watch are $135 and $132, with major resistance seen at $140 and $148.
Overall, SOL's potential for a bounce hinges on its ability to surpass key resistances, while a breakdown might lead to lower price targets near $120 or even $112.
