Solana declined again and tested the $160 support area. SOL price is consolidating and could recover once it breaks out of the $166 resistance area.
- SOL price adjusted lower and tested the $160 support zone against the US dollar.
- The price is currently trading below $168 and the 100-hour simple moving average.
- On the hourly chart of the SOL/USD pair, there is a bearish trendline connecting with resistance at $165 (data source from Kraken).
- Failure to maintain above $160 could lead to removal of the $166 resistance level.
Solana Price Eyes Recovery
Solana’s price remained in a bearish region for a short period of time, like Bitcoin or Ethereum. SOL tests the $160 support area and is now consolidating losses. It remains below the $165 level.
There was a move slightly above the 23.6% Fib retracement level, moving downward from the $170 swing high to the $161.50 low. Solana price is currently trading below $166 and the 100-hour simple moving average. Immediate resistance is near the $165 level.
On the hourly chart of the SOL/USD pair, there is also a bearish trend line connecting with resistance at $165. The next major resistance is near the $166 level. A successful close above the $166 resistance could set the pace for another big rally.
The next major resistance is the 61.8% Fib retracement level near $168 or a downside move from the $170 swing high to the $161.50 low. Any more profits could push the price higher to the $172 level.
Will there be more losses in SOL?
If SOL fails to rebound above the $166 resistance, it could begin another downtrend. Initial support for the downside is near the $162 level.
The first major support is near the $160 level, below which the price may test $155. If the price closes below the $155 support, the price may decline towards the $150 support in the near term.
technical indicators
Hourly MACD – The MACD for SOL/USD is losing speed in bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Key support levels – $162 and $160.
Key resistance levels – $166, $168, $172.