Solana tried a restoration wave above the $140 stage. SOL value is now struggling to clear the $160 and $170 resistance ranges.
- SOL value recovered increased and examined the $160 resistance in opposition to the US Dollar.
- The value is now buying and selling beneath $160 and the 100 easy shifting common (4 hours).
- There is a key bullish development line forming with help at $146 on the 4-hour chart of the SOL/USD pair (knowledge supply from Kraken).
- The pair might begin one other decline if it stays beneath $160 and $170 for a very long time.
Solana Price Faces Resistance
Solana value began a serious decline beneath the $170 and $160 help ranges. SOL examined the $115 zone and just lately began an upside correction, like Bitcoin and Ethereum.
There was a good improve above the $130 and $140 ranges. The value climbed above the 23.6% Fib retracement stage of the downward wave from the $205 swing excessive to the $115 low. It even spiked above the $155 zone and the 100 easy shifting common (4 hours).
However, the bears are energetic close to the $160 zone and the 50% Fib retracement stage of the downward wave from the $205 swing excessive to the $115 low. The value struggled and corrected good points.
Source: SOLUSD on TradingView.com
Solana is now buying and selling beneath $160 and the 100 easy shifting common (4 hours). There can also be a key bullish development line forming with help at $146 on the 4-hour chart of the SOL/USD pair. Immediate resistance is close to the $155 stage. The subsequent main resistance is close to the $160 stage. A profitable shut above the $160 resistance might set the tempo for an additional main improve. The subsequent key resistance is close to $170. Any extra good points may ship the worth towards the $188 stage.
Another Decline in SOL?
If SOL fails to rally above the $160 resistance, it might begin one other decline. Initial help on the draw back is close to the $145 stage and the development line.
The first main help is close to the $132 stage, beneath which the worth might take a look at $120. If there’s a shut beneath the $120 help, the worth might decline towards the $100 help within the close to time period.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining tempo within the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is beneath the 50 stage.
Major Support Levels – $146, and $132.
Major Resistance Levels – $155, $160, and $170.
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