Solana’s Tough Climb: SOL Price Struggles to Find Solid Ground

Aayush Jindal

1 year ago

2 mins read

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Solana extended losses below the $150 support zone. SOL price is consolidating and might recover if it clears the $152.50 resistance zone.

SOL price declined further and even traded below $150 against the US Dollar.
The price is now trading below $160 and the 100-hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $150 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could clear the $152.50 resistance to start a short-term recovery wave.

Solana Price Eyes Recovery

Solana price remained in a short-term bearish zone like Bitcoin and Ethereum. SOL extended losses below the $160 support zone and is now consolidating losses. It is stuck below the $150 level.

There was a minor move above the 23.6% Fib retracement level of the downward move from the $163.25 swing high to the $145.03 low. Solana price is now trading below $155 and the 100-hourly simple moving average. Immediate resistance is near the $150 level.

There is also a connecting bearish trend line forming with resistance at $150 on the hourly chart of the SOL/USD pair. The next major resistance is near the $152.50 level. A successful close above the $152.50 resistance could set the pace for another major increase.

The next key resistance is near $157 or the 61.8% Fib retracement level of the downward move from the $163.25 swing high to the $145.03 low. Any more gains might send the price toward the $165 level.

More Losses in SOL?

If SOL fails to rally above the $152.50 resistance, it could start another decline. Initial support on the downside is near the $145 level.

The first major support is near the $142 level, below which the price could test $135. If there is a close below the $135 support, the price could decline toward the $120 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 – $145, and $142.

Major Resistance Levels – $152.50, $157, and $165.

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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