Solana started a fresh decline from the $155 zone. SOL price is now consolidating near $145 and might extend losses below the $142 support.
- SOL price started a fresh decline below the $150 and $148 levels against the US Dollar.
- The price is now trading below $150 and the 100-hourly simple moving average.
- There is a short-term rising channel or a continuation pattern forming with support at $144 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if it clears the $148 resistance zone.
Solana Price Consolidates Gains
Solana price formed a base above the $142 support and started a fresh increase, like Bitcoin and Ethereum. SOL gained pace for a move above the $145 and $150 resistance levels.
However, the bears were active below the $155 resistance zone. A high was formed at $153.90 and the price started a fresh decline. The price dipped below $150 and $148, forming a low at $142.64, and is now consolidating losses.
A minor move above the 23.6% Fib retracement level of the downward move from the $153.90 swing high to the $142.64 low has been noted. Solana is currently trading below $150 and the 100-hourly simple moving average. Moreover, a short-term rising channel or continuation pattern is forming with support at $144 on the hourly chart of the SOL/USD pair.
On the upside, the price faces resistance near the $147 level, with the next major resistance at approximately $150 and the 61.8% Fib retracement level from the downward move of $153.90 to $142.64. A strong push above the $155 resistance could initiate another steady increase, targeting resistance around $165. If successful, further gains may see prices aiming towards the $180 level.
More Losses in SOL?
If SOL fails to break through the $150 resistance, another decline may follow. Initial downside support is found at the $145 zone, while major support exists near the $142 level.
A breach below the $142 level may lead to a decline towards the $135 mark, and a close beneath $135 could further propel prices down towards the $122 support area in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is currently below the 50 level.
Major Support Levels: $145 and $142.
Major Resistance Levels: $147 and $150.
