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Home»EXCHANGE NEWS»Can Solana (SOL) overcome major resistance and trigger a new rally?
EXCHANGE NEWS

Can Solana (SOL) overcome major resistance and trigger a new rally?

By Crypto FlexsJune 3, 20242 Mins Read
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Can Solana (SOL) overcome major resistance and trigger a new rally?
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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.

Source: SOLUSD on TradingView.com

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.

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