Solana (SOL) Holds Support Post-Gains, Testing Bull Conviction

Solana's price has initiated a new climb, breaking above the $135 and $138 levels against the US dollar. It’s currently trading above $135 and the 100-hourly simple moving average. A contracting triangle is forming with support at $138, suggesting potential for further gains. The price initially surged, even surpassing the $140 resistance, showing bullish momentum. However, a recent retracement saw the price dip below the 50% Fibonacci retracement level. The $140 and $142 levels present immediate resistance, with the main resistance at $145. A successful breach of $145 could trigger another substantial increase toward $150 and potentially $155. Conversely, failure to overcome $142 could lead to a decline, with support at $138, and a significant support at $136. A break below $130 might lead to a further drop toward $120. Technical indicators show the MACD is losing bullish pace, while the RSI remains above 50. Key support levels are at $138 and $136, with the immediate resistance at $140 and $142.