SOL Price Struggles to Find Solid Ground

Solana prolonged losses beneath the $150 help zone. SOL value is consolidating and may recuperate if it clears the $152.50 resistance zone.

• SOL value declined additional and even traded beneath $150 towards the US Greenback.
• The worth is now buying and selling beneath $160 and the 100-hourly easy shifting common.
• There’s a connecting bearish pattern line forming with resistance at $150 on the hourly chart of the SOL/USD pair (information supply from Kraken).
• The pair might clear the $152.50 resistance to begin a short-term restoration wave.

Solana Value Eyes Restoration

Solana value remained in a short-term bearish zone like Bitcoin and Ethereum. SOL prolonged losses beneath the $160 help zone and is now consolidating losses. It’s caught beneath the $150 stage.

There was a minor transfer above the 23.6% Fib retracement stage of the downward transfer from the $163.25 swing excessive to the $145.03 low. Solana value is now buying and selling beneath $155 and the 100-hourly easy shifting common. Fast resistance is close to the $150 stage.

There’s additionally a connecting bearish pattern line forming with resistance at $150 on the hourly chart of the SOL/USD pair. The following main resistance is close to the $152.50 stage. A profitable shut above the $152.50 resistance might set the tempo for an additional main enhance.

The following key resistance is close to $157 or the 61.8% Fib retracement stage of the downward transfer from the $163.25 swing excessive to the $145.03 low. Any extra good points may ship the worth towards the $165 stage.

Extra Losses in SOL?

If SOL fails to rally above the $152.50 resistance, it might begin one other decline. Preliminary help on the draw back is close to the $145 stage.

The primary main help is close to the $142 stage, beneath which the worth might take a look at $135. If there’s a shut beneath the $135 help, the worth might 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 Power Index) – The RSI for SOL/USD is beneath the 50 stage.

Main Assist Ranges – $145, and $142.

Main Resistance Ranges – $152.50, $157, and $165.