Solana prolonged losses beneath the $150 assist zone. SOL worth is consolidating and may recuperate if it clears the $152.50 resistance zone.
- SOL worth declined additional and even traded beneath $150 in opposition to the US Dollar.
- The worth is now buying and selling beneath $160 and the 100-hourly easy transferring common.
- There is a connecting bearish pattern line forming with resistance at $150 on the hourly chart of the SOL/USD pair (information supply from Kraken).
- The pair might clear the $152.50 resistance to begin a short-term restoration wave.
Solana Price Eyes Recovery
Solana worth remained in a short-term bearish zone like Bitcoin and Ethereum. SOL prolonged losses beneath the $160 assist zone and is now consolidating losses. It is caught beneath the $150 stage.
There was a minor transfer above the 23.6% Fib retracement stage of the downward transfer from the $163.25 swing excessive to the $145.03 low. Solana worth is now buying and selling beneath $155 and the 100-hourly easy transferring common. Immediate resistance is close to the $150 stage.
There can also be a connecting bearish pattern line forming with resistance at $150 on the hourly chart of the SOL/USD pair. The subsequent main resistance is close to the $152.50 stage. A profitable shut above the $152.50 resistance might set the tempo for one more main improve.
The subsequent key resistance is close to $157 or the 61.8% Fib retracement stage of the downward transfer from the $163.25 swing excessive to the $145.03 low. Any extra beneficial properties may ship the worth towards the $165 stage.
More Losses in SOL?
If SOL fails to rally above the $152.50 resistance, it might begin one other decline. Initial assist on the draw back is close to the $145 stage.
The first main assist is close to the $142 stage, beneath which the worth might check $135. If there’s a shut beneath the $135 assist, the worth might decline towards the $120 assist within the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is dropping tempo within the bearish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is beneath the 50 stage.
Major Support Levels – $145, and $142.
Major Resistance Levels – $152.50, $157, and $165.
