Headline: Solana Eyes Breakout Above $128 After Bounce From $117 — Faces Near-Term Resistance at $127 Solana (SOL) has mounted a steady recovery after dipping to $117, briefly pushing past the $120 mark and now consolidating above $125. Trading data from Kraken shows SOL is holding above its 100-hour simple moving average, but bulls are running into immediate resistance around $127–$128 on the hourly chart. What’s happened so far - SOL began a recovery from the $117 low, tracking a similar bounce seen in Bitcoin and Ethereum. - The rally moved SOL above the $120 level and cleared the 50% Fibonacci retracement of the drop from the $134 swing high to $117 low. - Price currently trades above $125 and the 100-hour SMA, but a bearish trend line on the hourly chart is exerting resistance at roughly $127. Key technical levels - Immediate resistance: $127 (trend line) and roughly $128, corresponding with the 61.8% Fib retracement. - Near-term upside targets: $130, then $135 (major resistance). Beyond that, $144 and $150 are the next higher hurdles. - Support: $125 is the first floor, followed by $122. A break beneath $122 would target the $117 zone, and a decisive close below $117 could open the way toward $108. Bull and bear scenarios - Bull case: A clean break above $128–$130 would clear short-term supply and could pave the way for a move to $135 and higher resistance zones. - Bear case: Failure to surpass $130 may see SOL slide back toward $125 and $122, with a deeper drop possible to $117 and then $108 if sellers regain control. Momentum indicators - Hourly MACD is strengthening in bullish territory. - Hourly RSI sits above 50, signaling bullish bias but not yet overbought. Bottom line Solana’s short-term trend is recovery-biased, but momentum faces meaningful resistance around $127–$130. Traders should watch for a decisive break above those levels for confirmation of a continued upswing — or a failure there, which could reopen downside targets around $122 and $117. Data source: Kraken. Read more AI-generated news on: undefined/news

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