Solana Price (SOL) Slips to $140: Will This Level Support a Rebound?

Aayush Jindal

11 months ago

2 mins read

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Solana started a downside correction from the $162 resistance zone. SOL price is back to $140 and might attempt a fresh increase above $150.

SOL price started a downside correction below the $155 and $150 levels the US Dollar.
The price is now trading below $150 and the 100-hourly simple moving average.
There was a break below a rising channel with support at $154 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could start another increase if it clears the $150 resistance zone.

Solana Price Trims Gains and Revisit $140

Solana price started a downside correction after it failed to clear the $162 zone. SOL dipped below the $155 support level and moved into a short-term bearish zone like Bitcoin and Ethereum.

There was a break below a rising channel with support at $154 on the hourly chart of the SOL/USD pair. The pair dipped below the $145 level. It even tested the $140 zone. A low was formed at $141.29 and the price is now consolidating losses.

Solana is now trading well below $150 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $145 level. It is close to the 23.6% Fib retracement level of the downward move from the $158 swing high to the $141 low.

Solana Price — Source: SOLUSD on TradingView.com

The next major resistance is near the $150 level or the 50% Fib retracement level of the downward move from the $158 swing high to the $141 low. A successful close above the $150 resistance could set the pace for another steady increase. The next key resistance is near $155. Any more gains might send the price toward the $162 level.

More Downsides in SOL?

If SOL fails to rise above the $150 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 $124 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is losing 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 $135.

Major Resistance Levels – $150 and $155.

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.

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