Solana started a new downtrend below $155 and $150. SOL price tested $140 and is currently struggling to make a recovery wave.
- The SOL price has been trending downwards, falling below $150 against the US dollar.
- The current price is trading below $148 and the 100 hourly simple moving average.
- On the hourly chart of SOL/USD, a resistance line is forming at $145.50, forming a short-term descending channel (data source: Kraken).
- The pair could experience a recovery wave if it breaks through the $148 resistance zone.
Solana Price, $140 Revisit
Solana price started a new downtrend at levels well above $155, similar to Bitcoin and Ethereum. SOL gained speed and traded below $150. It even tested the $140 support level.
A low was formed at $140.53 and the price is currently consolidating losses. There was a slight rise above the $142 and $143 levels. The price rose above the 23.6% Fibonacci retracement level of the downtrend from the $161.95 swing high to the $140.53 low.
Solana is currently trading well below $150 and the 100 hourly simple moving average. On the upside, the price is facing resistance near $146. There is also resistance forming at $145.50 on the hourly chart of the SOL/USD pair, forming a short-term downtrend channel.
The next major resistance is near the $148 level. A successful close above the $148 and $150 resistance levels could set the pace for another steady uptrend. The next major resistance is near $152 or the 50% Fibonacci correction level of the downtrend from the $161.95 swing high to the $140.53 low. A further upside could see the price move to the $162 level.
What are some other downsides to SOL?
If SOL fails to break above the $146 resistance, another downtrend could begin. The initial support for the downtrend is near the $142 level. The first major support is near the $140 level.
A break below the $140 level could see the price move to $132. If there is a close below the $132 support, the price could drop to the $125 support in the short term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Key support levels – $142 and $140.
Key resistance levels – $146 and $148.