Solana began a downside correction from the $162 resistance zone, bringing its price back to $140. Despite the drop below the $155 and $150 levels against the US Dollar, SOL might attempt a fresh increase above $150.
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Currently, the price is trading below $150 and the 100-hourly simple moving average. The decline included a break below a rising channel with support at $154 on the hourly chart of the SOL/USD pair (data source from Kraken). However, the pair could start another increase if it clears the $150 resistance zone.
Solana Faces Key Resistance Levels After Downside Correction
Solana’s price started a downside correction after failing to clear the $162 resistance zone, dipping below the $155 support level and entering a short-term bearish phase, similar to Bitcoin and Ethereum. This decline included a break below a rising channel with support at $154 on the hourly chart of the SOL/USD pair, pushing the price below the $145 level and even testing the $140 zone. A low was formed at $141.29, and the price is now consolidating its losses.
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Source: SOLUSD on TradingView.com
Currently, Solana is trading well below $150 and the 100-hourly simple moving average. On the upside, the price is encountering resistance near the $145 level, which aligns with the 23.6% Fib retracement level of the downward move from the $158 swing high to the $141 low. The next major resistance is near the $150 level, corresponding to the 50% Fib retracement level of the same downward move. A successful close above the $150 resistance could pave the way for a steady increase, with the next key resistance around $155. Further gains might propel the price toward the $162 level.
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Solana Faces Potential Downside if $150 Resistance Holds
If Solana (SOL) fails to break above the $150 resistance level, it could face further declines. The initial support on the downside is near the $142 level, with the first major support at $140. A break below this $140 level could lead to a drop toward $132. If SOL closes below the $132 support, the price may decline further, targeting the $124 support in the near term.
On the technical front, the hourly MACD for the SOL/USD pair is losing momentum in the bearish zone, and the Relative Strength Index (RSI) is below the 50 level, indicating weak buying pressure. Key support levels are at $142 and $135, while major resistance levels are at $150 and $155.
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
