Solana plummeted, falling towards $110. SOL price is currently correcting losses above $140 and faces a hurdle near the $160 resistance zone.
- SOL price gained bearish momentum and fell below $150 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 bearish trend line forming at $160 resistance (data source from Kraken).
- A break above the $150 and $160 resistance levels could continue the recovery for the currency pair.
Solana price recovery begins
Solana price started to decline significantly below the $180 and $160 support levels. SOL fell more than 20% and even fell below the $150 level. Finally the bull appeared near $110.
The low was formed at $115.04 and the price is currently attempting a recovery like Bitcoin and Ethereum. There was a significant increase above the $125 and $132 levels. Price cleared the 23.6% Fib retracement level of the downward move from the $204 swing high to the $115 low.
Solana is currently trading below $150 and the 100 simple moving average (4-hours). Immediate resistance is near the $150 level. The next major resistance is near the $160 level.
Source: SOLUSD on TradingView.com
On the 4-hours chart of the SOL/USD pair, there is also a major bearish trend line forming at the resistance level of $160. The trend line is near the 61.8% Fib retracement level moving downward from the $204 swing high to the $115 low. A successful close above the $160 resistance could set the pace for another big rally. The next major resistance is near $182. If more profits are made, the price may rise to the $200 level.
Are Dips supported in SOL?
If SOL fails to rebound above the $160 resistance, it could begin another downtrend. Initial support for the downside is near the $140 level.
The first major support is near the $132 level, below which the price may test $125. If the price closes below the $125 support, the price may decline towards the $115 support in the near term.
technical indicators
4-Hour MACD – The MACD for SOL/USD is pacing in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Key support levels – $140 and $132.
Key resistance levels – $150, $160, $182.
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.