Solana began a recent decline from the $162 zone. SOL worth is down over 15% and may wrestle to recuperate above the $150 resistance.
- SOL worth began a recent decline under the $162 and $150 ranges towards the US Dollar.
- The worth is now buying and selling under $150 and the 100-hourly easy shifting common.
- There is a connecting bearish pattern line forming with resistance at $144 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
- The pair might begin a recent improve if the bulls clear the $150 zone.
Solana Price Dips Sharply
Solana worth struggled to clear the $185 resistance and began a recent decline, underperforming Bitcoin and Ethereum. SOL declined under the $162 and $150 help ranges.
It even dived under the $135 stage. The latest low was fashioned at $131 and the worth is now consolidating losses with a bearish angle. There was a minor restoration wave above the 23.6% Fib retracement stage of the downward transfer from the $173 swing excessive to the $131 swing low.
Solana is now buying and selling under $145 and the 100-hourly easy shifting common. On the upside, the worth is going through resistance close to the $144 stage. There can also be a connecting bearish pattern line forming with resistance at $144 on the hourly chart of the SOL/USD pair.
The subsequent main resistance is close to the $150 stage. The essential resistance may very well be $152 and the 50% Fib retracement stage of the downward transfer from the $173 swing excessive to the $131 swing low.
A profitable shut above the $152 resistance zone might set the tempo for one other regular improve. The subsequent key resistance is $160. Any extra features may ship the worth towards the $165 stage.
Another Decline in SOL?
If SOL fails to rise above the $145 resistance, it might begin one other decline. Initial help on the draw back is close to the $141 zone. The first main help is close to the $136 stage.
A break under the $136 stage may ship the worth towards the $131 zone. If there’s a shut under the $125 help, the worth might decline towards the $120 help in the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is shedding tempo in the bearish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is under the 50 stage.
Major Support Levels – $136 and $131.
Major Resistance Levels – $145 and $152.
