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Breaking News: Canary Capital's CEO Confirms Spot Hedera And Litecoin ETFs Will Begin Trading Tomorrow

Solana Price (SOL) Turns Red: Key Supports That May Spark a Bullish Upside?

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

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Solana started a fresh decline below $150 and $142. SOL price tested $128 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 $140 and the 100-hourly simple moving average.
  • There is a connecting bearish trend line forming with resistance at $134 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could start a recovery wave if it clears the $138 resistance zone.

Solana Price Extends Losses

Solana price started a fresh decline below the $150 support like Bitcoin and Ethereum. SOL gained pace and traded below the $142 level. It even tested the $128 support level.

A low was formed at $127.80 and the price is now consolidating losses. The price is showing some signs of a recovery wave, but it is still below the 23.6% Fib retracement level of the downward move from the $147.28 swing high to the $127.80 low.

Solana is now trading well below $140 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $132.50 level. There is also a connecting bearish trend line forming with resistance at $134 on the hourly chart of the SOL/USD pair.

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

The next major resistance is near the $138 level or the 50% Fib retracement level of the downward move from the $147.28 swing high to the $127.80 low. A successful close above the $134 and $138 resistance levels could set the pace for another steady increase. The next key resistance is near $142. Any more gains might send the price toward the $150 level.

More Downsides in SOL?

If SOL fails to rise above the $138 resistance, it could start another decline. Initial support on the downside is near the $128 level. The first major support is near the $122 level.

A break below the $122 level might send the price toward $115. If there is a close below the $115 support, the price could decline toward the $100 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 – $128 and $122.

Major Resistance Levels – $134 and $138.

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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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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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