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Breaking News: Bitcoin Reaches $93,000 Amid Renewed Optimism: What To Keep An Eye On This Week

Solana (SOL) Slides to Support: Bulls Ready to Defend?

Aayush Jindal
Aayush Jindal
Last Updated: November 1, 2024 5:28 am
2 mins read
Solana

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Solana trimmed gains and traded below the $175 support zone. SOL price is now approaching the $165 support and might bounce back in the near term.

  • SOL price started a fresh decline after it struggled near the $185 zone against the US Dollar.
  • The price is now trading below $172 and the 100-hourly simple moving average.
  • There is a key bearish trend line forming with resistance at $172 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could start a decent upward movement if it stays above the $165 and $162 support levels.

Solana Price Holds Support

Solana price struggled to clear the $185 resistance and started a fresh decline like Bitcoin and Ethereum. There was a drop below the $180 and $175 support levels.

The bears even pushed the price below $172 and tested the $165 support zone. A low was formed at $165 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $183 swing high to the $165 low.

Solana is now trading below $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $170 level. The next major resistance is near the $172 level. There is also a key bearish trend line forming with resistance at $172 on the hourly chart of the SOL/USD pair.

Solana Price
Source: SOLUSD on TradingView.com

The main resistance could be $175 or the 50% Fib retracement level of the downward move from the $183 swing high to the $165 low. A successful close above the $175 resistance level could set the pace for another steady increase. The next key resistance is $182. Any more gains might send the price toward the $185 level.

More Losses in SOL?

If SOL fails to rise above the $170 resistance, it could continue to move down. Initial support on the downside is near the $165 level. The first major support is near the $162 level.

A break below the $162 level might send the price toward the $150 zone. If there is a close below the $150 support, the price could decline toward the $135 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 – $165 and $162.

Major Resistance Levels – $170 and $172.

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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

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