Solana (SOL) Pulls Back — Can Buyers Defend The $155 Line?
Solana began a contemporary improve above the $160 zone. SOL value is now correcting positive aspects and may discover bids close to the $155 help zone
- SOL value began a contemporary upward transfer above the $155 and $160 ranges towards the US Greenback.
- The worth is now buying and selling beneath $162 and the 100-hourly easy transferring common.
- There was a break beneath a key bullish development line with help at $162 on the hourly chart of the SOL/USD pair (information supply from Kraken).
- The pair may begin a contemporary improve if it clears the $162 resistance zone.
Solana Worth Corrects Features
Solana value began a good improve after it cleared the $160 resistance, like Bitcoin and Ethereum. SOL climbed above the $162 degree to enter a short-term constructive zone.
Nevertheless, the worth is going through a significant hurdle at $168 and $169. A excessive is shaped at $168.60 and the worth is now correcting positive aspects. There was a transfer beneath the 50% Fib retracement degree of the upward transfer from the $158 swing low to the $168 excessive.
Apart from, there was a break beneath a key bullish development line with help at $162 on the hourly chart of the SOL/USD pair. Solana is now buying and selling beneath $162 and the 100-hourly easy transferring common. Additionally it is buying and selling beneath the 76.4% Fib retracement degree of the upward transfer from the $158 swing low to the $168 excessive.
The worth is now approaching the $158 help. On the upside, the worth is going through resistance close to the $160 degree. The following main resistance is close to the $162 degree. The primary resistance could possibly be $1685. A profitable shut above the $168 resistance zone may set the tempo for an additional regular improve. The following key resistance is $178. Any extra positive aspects may ship the worth towards the $185 degree.
Extra Losses in SOL?
If SOL fails to rise above the $162 resistance, it may begin one other decline. Preliminary help on the draw back is close to the $158 zone. The primary main help is close to the $155 degree.
A break beneath the $155 degree may ship the worth towards the $150 zone. If there’s a shut beneath the $150 help, the worth may decline towards the $145 help within the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining tempo within the bearish zone.
Hourly Hours RSI (Relative Energy Index) – The RSI for SOL/USD is beneath the 50 degree.
Main Assist Ranges – $158 and $155.
Main Resistance Ranges – $162 and $168.
