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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Solana Price (SOL) Slips: Will a Break Below $140 Trigger More Downside?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Solana Price (SOL) Slips

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Solana started a fresh decline below $155 and $150. SOL price tested $140 and is currently struggling to start a recovery wave.

  • SOL price started a fresh downward move below $150 against the US Dollar.
  • The price is now trading below $148 and the 100-hourly simple moving average.
  • There is a short-term declining channel forming with resistance at $145.50 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could start a recovery wave if it clears the $148 resistance zone.

Solana Price Revisits $140

Solana price started a fresh decline from well above $155 like Bitcoin and Ethereum. SOL gained pace and traded below the $150 level. It even tested the $140 support level.

A low was formed at $140.53 and the price is now consolidating losses. There was a minor upward move above the $142 and $143 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $161.95 swing high to the $140.53 low.

Solana is now trading well below $150 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $146 level. There is also a short-term declining channel forming with resistance at $145.50 on the hourly chart of the SOL/USD pair.

Solana Price (SOL)
Source: SOLUSD on TradingView.com

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 increase. The next key resistance is near $152 or the 50% Fib retracement level of the downward move from the $161.95 swing high to the $140.53 low. Any more gains might send the price toward the $162 level.

More Downsides in SOL?

If SOL fails to rise above the $146 resistance, it could start another decline. Initial support on the downside is near the $142 level. The first major support is near the $140 level.

A break below the $140 level might send the price toward $132. If there is a close below the $132 support, the price could decline toward the $125 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $142 and $140.

Major Resistance Levels – $146 and $148.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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