Solana has initiated a fresh decline, slipping below the $165 zone, with the SOL price currently consolidating its losses. Recovery above the $145 resistance level appears to be a challenge.
- SOL price commenced a new decline, falling below the $165 and $150 thresholds against the US Dollar.
- Currently, the price trades beneath $150 and the 100-hourly simple moving average.
- A break occurred below a short-term rising channel, with support at $144, identified on the hourly chart of the SOL/USD pair (data sourced from Kraken).
- If the bulls can successfully navigate above the $155 zone, the pair may initiate a new increase.
Solana Price Faces Hurdles
After encountering resistance at the $180 level, Solana’s price began to decline, mirroring trends observed in major cryptocurrencies such as Bitcoin and Ethereum. SOL’s value fell below significant support levels of $162 and $150.
A dip below the $140 milestone was recorded, with the lowest point hitting $132 before a brief recovery. Following this, the price regained some levels, rising above the $140 and $142 marks. It surpassed the 23.6% Fib retracement level of the downward movement from the $180 swing high to the $132 swing low.
Despite this uptick, selling pressure intensified around the $152 zone, leading to further declines. Additionally, the break below the rising channel indicated a bearish outlook as the SOL price settled below both the $145 level and the 100-hourly simple moving average. Resistance now looms at the $145 level, with subsequent barriers appearing at $148 and the 50% Fibonacci retracement level from the previous swing high down to $132.
A decisive close above $155 could trigger a resumption of upward movement, with the next significant resistance at the $162 mark. Further gains may propel the price towards the $175 level.
More Losses in SOL?
In the event that SOL fails to gain traction above the $148 resistance, another wave of decline might ensue. Initial support is located near the $136 zone, while primary support lies around the $132 level.
A breakdown below the $132 mark could lead prices further down towards the $125 zone. A close beneath the $125 support could expose the price to declines towards the $120 resistance in the near future.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing momentum in the bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD currently trades below the 50 level.
Major Support Levels – $136 and $132.
Major Resistance Levels – $148 and $155.
