Solana declined once more and examined the $160 assist zone. SOL worth is consolidating and may get better if it clears the $166 resistance zone.
- SOL worth corrected decrease and examined the $160 assist zone towards the US Dollar.
- The worth is now buying and selling under $168 and the 100-hourly easy transferring common.
- There is a connecting bearish pattern line forming with resistance at $165 on the hourly chart of the SOL/USD pair (information supply from Kraken).
- The pair may clear the $166 resistance except it fails to remain above $160.
Solana Price Eyes Recovery
Solana worth remained in a short-term bearish zone like Bitcoin and Ethereum. SOL examined the $160 assist zone and now consolidating losses. It is caught under the $165 stage.
There was a minor transfer above the 23.6% Fib retracement stage of the downward transfer from the $170 swing excessive to the $161.50 low. Solana worth is now buying and selling under $166 and the 100-hourly easy transferring common. Immediate resistance is close to the $165 stage.
There can also be a connecting bearish pattern line forming with resistance at $165 on the hourly chart of the SOL/USD pair. The subsequent main resistance is close to the $166 stage. A profitable shut above the $166 resistance may set the tempo for one more main improve.
The subsequent key resistance is close to $168 or the 61.8% Fib retracement stage of the downward transfer from the $170 swing excessive to the $161.50 low. Any extra features may ship the worth towards the $172 stage.
More Losses in SOL?
If SOL fails to rally above the $166 resistance, it may begin one other decline. Initial assist on the draw back is close to the $162 stage.
The first main assist is close to the $160 stage, under which the worth may take a look at $155. If there’s a shut under the $155 assist, the worth may decline towards the $150 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 under the 50 stage.
Major Support Levels – $162, and $160.
Major Resistance Levels – $166, $168, and $172.
