💥💥💥There is a key bearish trend line forming with resistance at $160 on the 4-hour chart of the #SOL/USDT pair
Solana fell to $110. Above $140, SOL price is reversing losses and meeting resistance at $160.
Bearish momentum drove SOL below $150 vs the US Dollar.
The price is below $160 and the 100 SMA.
The pair may rebound if it breaks $150 and $160 resistance.
Solana Price Rises
Solana fell sharply below $180 and $160 support levels. SOL fell almost 20% and below $150. Finally, bulls arrived around $110.
After hitting $115.04, the price is trying to rebound like Bitcoin and Ethereum. A nice rise occurred over $125 and $132. The price broke the 23.6% Fib retracement barrier of the $204 swing high to $115 low decline.
Currently, Solana is below $150 and the 100 SMA (4 hours). Resistance near $150 is immediate. Near $160 is the next significant resistance.
The 4-hour SOL/USD chart shows a negative trend line with resistance at $160. The trend line is at the 61.8% Fib retracement of the $204 swing high to $115 low decline. A closing above $160 might trigger another significant rise. Around $182 is the next resistance. Further rises might push the price beyond $200.
Does SOL Support Dips?
SOL might fall again if it fails to break $160 resistance. The downside has initial support at $140.
Price may test $125 below $132, the first significant support. If the price closes below $125, it may fall below $115.
4-Hours MACD – SOL/USD MACD is rising in the positive zone.
4-Hours RSI – SOL/USD's RSI is below 50.
Major Support Levels: $140, $132.
Major resistance levels: $150, $160, $182.
