Solana extended losses below the $150 support area. SOL price is consolidating and may recover once it breaks out of the $152.50 resistance area.
- SOL prices fell further and were even trading below $150 against the US dollar.
- The price is currently trading below $160 and the 100-hour simple moving average.
- The hourly chart of the SOL/USD pair has a bearish trend line connected to it, forming at $150 resistance (data source from Kraken).
- The pair could clear the $152.50 resistance to start a short-term recovery wave.
Solana Price Eyes Recovery
Solana’s price remained in a bearish region for a short period of time, like Bitcoin or Ethereum. SOL has extended losses below the $160 support area and is currently consolidating losses. It remains below the $150 level.
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There was a move slightly above the 23.6% Fib retracement level, moving downward from the $163.25 swing high to the $145.03 low. Solana price is currently trading below $155 and the 100-hour simple moving average. Immediate resistance is near the $150 level.
On the hourly chart of the SOL/USD pair, there is also a connecting bearish trend line forming resistance at $150. The next major resistance is near the $152.50 level. A successful close above the $152.50 resistance could set the pace for another big rally.
The next major resistance is the 61.8% Fib retracement level near $157 or a downside move from the $163.25 swing high to the $145.03 low. Any more profits could push the price higher to the $165 level.
Will there be more losses in SOL?
If SOL fails to rebound above the $152.50 resistance, it could begin another downtrend. Initial support for the downside is near the $145 level.
The first major support is near the $142 level, below which $135 could be tested. If the price closes below the $135 support, the price may decline towards the $120 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 – $145 and $142.
Key resistance levels – $152.50, $157, $165.
Source: NewsBTC.com