Solana (SOL) Sees Red—What’s Next for the Price?
Solana began a contemporary decline from the $162 zone. SOL value is down over 15% and would possibly battle to get better above the $150 resistance.
- SOL value began a contemporary decline under the $162 and $150 ranges towards the US Greenback.
- The worth is now buying and selling under $150 and the 100-hourly easy transferring common.
- There’s a connecting bearish development line forming with resistance at $144 on the hourly chart of the SOL/USD pair (information supply from Kraken).
- The pair may begin a contemporary enhance if the bulls clear the $150 zone.
Solana Value Dips Sharply
Solana value struggled to clear the $185 resistance and began a contemporary decline, underperforming Bitcoin and Ethereum. SOL declined under the $162 and $150 help ranges.
It even dived under the $135 stage. The latest low was fashioned at $131 and the worth is now consolidating losses with a bearish angle. There was a minor restoration wave above the 23.6% Fib retracement stage of the downward transfer from the $173 swing excessive to the $131 swing low.
Solana is now buying and selling under $145 and the 100-hourly easy transferring common. On the upside, the worth is dealing with resistance close to the $144 stage. There may be additionally a connecting bearish development line forming with resistance at $144 on the hourly chart of the SOL/USD pair.
The subsequent main resistance is close to the $150 stage. The principle resistance may very well be $152 and the 50% Fib retracement stage of the downward transfer from the $173 swing excessive to the $131 swing low.
A profitable shut above the $152 resistance zone may set the tempo for one more regular enhance. The subsequent key resistance is $160. Any extra positive factors would possibly ship the worth towards the $165 stage.
One other Decline in SOL?
If SOL fails to rise above the $145 resistance, it may begin one other decline. Preliminary help on the draw back is close to the $141 zone. The primary main help is close to the $136 stage.
A break under the $136 stage would possibly ship the worth towards the $131 zone. If there’s a shut under the $125 help, the worth may decline towards the $120 help within the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is dropping tempo within the bearish zone.
Hourly Hours RSI (Relative Energy Index) – The RSI for SOL/USD is under the 50 stage.
Main Assist Ranges – $136 and $131.
Main Resistance Ranges – $145 and $152.
