Solana (SOL) price attempted a recovery above $120, but technical indicators suggest resistance levels near $128 could limit further gains. The cryptocurrency faces critical resistance zones that may determine its next directional move.
What Happened: Recovery Attempt Stalls
Solana initiated a recovery wave from $117, climbing above the $120 and $125 thresholds against the U.S. dollar. The advance mirrored broader market movements in Bitcoin and Ethereum.
The price surpassed the 50% Fibonacci retracement level of the decline from $134 to $117. Bulls pushed SOL above $125, but momentum stalled near $127 where a bearish trend line has formed on the hourly chart.
The cryptocurrency now trades above its 100-hour simple moving average. Immediate resistance sits at $127, coinciding with the 61.8% Fibonacci retracement level of the recent downward move.
Additional resistance appears at $130, with major barriers at $135 and $144.
A sustained break above $135 could trigger an advance toward $150.
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Why It Matters: Critical Threshold Ahead
Technical indicators show mixed signals for Solana's near-term trajectory. The hourly MACD gained momentum in bullish territory, while the Relative Strength Index climbed above 50.
Support levels stand at $125 and $122. A failure to breach $130 resistance could trigger a decline toward $117, with potential downside extending to $108 if that support breaks. The $128-$130 range represents a decisive zone.
Price action in this area will likely determine whether Solana continues its recovery or resumes its recent downtrend.
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