Solana trimmed features and traded under the $172 help zone. SOL worth is consolidating and would possibly wrestle to recuperate above the $165 resistance.
- SOL worth began a recent decline after it struggled close to the $175 zone towards the US Dollar.
- The worth is now buying and selling under $170 and the 100-hourly easy transferring common.
- There is a key bearish development line forming with resistance at $162 on the hourly chart of the SOL/USD pair (information supply from Kraken).
- The pair might begin an honest upward motion if it stays above the $155 and $150 help ranges.
Solana Price Extends Losses
Solana worth struggled to clear the $180 resistance and began a recent decline like Bitcoin and Ethereum. There was a drop under the $175 and $172 help ranges.
The bears even pushed the worth under $165 and examined the $155 help zone. A low was shaped at $155 and the worth is now consolidating losses under the 23.6% Fib retracement stage of the downward transfer from the $173 swing excessive to the $155 low.
Solana is now buying and selling under $162 and the 100-hourly easy transferring common. On the upside, the worth is dealing with resistance close to the $160 stage. The subsequent main resistance is close to the $162 stage. There can be a key bearish development line forming with resistance at $162 on the hourly chart of the SOL/USD pair.
The essential resistance could possibly be $165 or the 50% Fib retracement stage of the downward transfer from the $173 swing excessive to the $155 low. A profitable shut above the $165 resistance stage might set the tempo for one more regular improve. The subsequent key resistance is $172. Any extra features would possibly ship the worth towards the $180 stage.
More Losses in SOL?
If SOL fails to rise above the $165 resistance, it might proceed to maneuver down. Initial help on the draw back is close to the $155 stage. The first main help is close to the $150 stage.
A break under the $150 stage would possibly ship the worth towards the $135 zone. If there’s a shut under the $135 help, the worth might decline towards the $124 help within the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is shedding tempo within the bearish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is under the 50 stage.
Major Support Levels – $155 and $150.
Major Resistance Levels – $162 and $165.
