Solana attempted to recover above the $140 level. SOL price is currently struggling to clear the $160 and $170 resistance levels.
- SOL price recovered higher and tested $160 resistance against the US dollar.
- The price is currently trading below $160 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the SOL/USD pair, there is a major bullish trendline forming around support at $146 (data source from Kraken).
- If it stays below $160-$170 for a long time, the pair could start another decline.
Solana Price Faces Resistance
Solana price started to decline significantly below the $170 and $160 support levels. SOL has tested the $115 area and recently started an upward correction like Bitcoin and Ethereum.
There was a significant increase above the $130 and $140 levels. The price broke above the 23.6% Fib retracement level of the downward wave from the $205 swing high to the $115 low. It even surged above the $155 area and the 100 simple moving average (4-hours).
However, bears are active near the $160 area and the 50% Fib retracement level of the bearish wave from the $205 swing high to the $115 low. Prices struggled and corrected gains.
Source: SOLUSD on TradingView.com
Solana is currently trading below $160 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support at $146 on the 4-hours chart of the SOL/USD pair. Immediate resistance is near the $155 level. The next major resistance is near the $160 level. A successful close above the $160 resistance could set the pace for another big rally. The next major resistance is near $170. If more profits are made, the price may drop to the $188 level.
Another decline in SOL?
If SOL fails to bounce above the $160 resistance, it could begin another downtrend. Initial support for the downside is near the $145 level and the trend line.
The first major support is near the $132 level, below which the price may test $120. If the price closes below the $120 support, the price may decline towards the $100 support in the near term.
technical indicators
4-Hour MACD – The MACD for SOL/USD is picking up speed in bearish territory.
4-Hour RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Key support levels – $146 and $132.
Key resistance levels – $155, $160, $170.
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.