Solana
SOL Price struggles to find solid ground
Solana extended its losses below the $150 support zone. SOL price is consolidating and could recover if it breaks through the $152.50 resistance zone.
- SOL price fell further and even traded below $150 against the US dollar.
- The price is now trading below $160 and the 100 hourly simple moving average.
- There is a downtrend line connected with resistance at $150 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could cross the resistance at $152.50 to trigger a near-term recovery wave.
Solana Price eyes takeover
Solana price remained in a short-term bearish zone as Bitcoin And Ethereum. SOL extended its losses below the $160 support zone and is now consolidating its losses. It is stuck below the $150 level.
There was a slight move above the 23.6% Fibonacci retracement level of the downside move from the $163.25 high to $145.03 low. Solana price is now trading below $155 and the 100 hourly simple moving average. Immediate resistance is near the $150 level.
There is also a downtrend line forming with resistance at $150 on the hourly chart of the SOL/USD pair. The next major resistance is near the $152.50 level. A successful close above the $152.50 resistance could set the tone for another major rise.
The next key resistance is near $157, which is the 61.8% Fibonacci retracement level of the downward move from the $163.25 high to $145.03 low. Any further gains could push the price towards the $165 level.
More losses in SOL?
If SOL fails to move above the $152.50 resistance, it could begin a further decline. Initial downside support is near the $145 level.
The first major support is near the $142 level, below which the price could test $135. If there is a close below the $135 support, the price could decline to the $120 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Key support levels – $145 and $142.
Major resistance levels – $152.50, $157 and $165.