Solana's Price Struggles to Break $132 Resistance

Solana (SOL) has recently faced significant challenges, with its price struggling to maintain momentum above key resistance levels. After initiating a recovery wave above the $120 resistance zone, SOL's price has since consolidated, making it difficult to sustain gains above the $132 resistance. The cryptocurrency has experienced a fresh decline below the $150 and $140 levels, currently trading below $130 and the 100-hourly simple moving average. A short-term rising channel with support at $124 has formed on the hourly chart of the SOL/USD pair, indicating potential for a fresh increase if bulls can clear the $132 zone.

Solana's price has struggled to overcome the $155 resistance, mirroring the declines seen in Bitcoin and Ethereum. The cryptocurrency dipped below the $140 and $132 support levels, reaching a recent low of $114 before recovering some losses. The price has since climbed above the $120 and $122 levels, surpassing the 23.6% Fib retracement level of the downward move from the $151 swing high to the $114 swing low. However, the price continues to face resistance near the $128 level, with the next major resistance at $130. The main resistance is at $132, coinciding with the 50% Fib retracement level of the downward move from the $151 swing high to the $114 swing low.

A successful close above the $132 resistance zone could pave the way for another steady increase, with the next key resistance at $140. Further gains might push the price toward the $150 level. Conversely, if SOL fails to rise above the $132 resistance, it could start another decline. Initial support on the downside is near the $124 zone, with the first major support at the $120 level. A break below the $120 level might send the price toward the $114 zone, and a close below the $114 support could see the price decline toward the $100 support in the near term.

Technical indicators suggest that the MACD for SOL/USD is losing pace in the bullish zone, while the RSI for SOL/USD is near the 50 level. Major support levels are at $124 and $120, with major resistance levels at $128 and $132. The current market conditions present a challenging environment for Solana bulls, who will need to overcome these resistance levels to maintain upward momentum. The outcome of this struggle will be crucial in determining the short-term trajectory of SOL's price.