Solana's Uphill Battle: SOL Price Struggles to Stabilize

Solana has slipped below the critical $150 support zone, with SOL price now consolidating and potentially poised for recovery if it surpasses the $152.50 resistance level.

Key Points:

SOL price fell further, dipping below $150 against the US Dollar.

Currently trading under $160 and the 100-hourly simple moving average.

An hourly chart of the SOL/USD pair (sourced from Kraken) shows a bearish trend line with resistance at $150.

Clearing the $152.50 resistance could trigger a short-term recovery.

Solana Price on the Mend:

Like Bitcoin and Ethereum, Solana's price has been in a short-term bearish trend, extending losses below the $160 support and now consolidating under $150. A minor move above the 23.6% Fib retracement level from the $163.25 swing high to the $145.03 low was observed. SOL is now trading below $155 and the 100-hourly simple moving average, with immediate resistance near $150.

A bearish trend line with resistance at $150 is evident on the hourly SOL/USD chart. The next significant resistance is around $152.50. A decisive close above this level could initiate a substantial upward move. The next key resistance is near $157, aligned with the 61.8% Fib retracement level from the $163.25 high to the $145.03 low. Further gains could push the price towards $165.

Technical Indicators:

Hourly MACD: The MACD for SOL/USD is slowing in the bearish zone.Hourly RSI: The RSI for SOL/USD is below the 50 level.

Support Levels: $145, $142

Resistance Levels: $152.50, $157, $165

Potential for Further Decline:

If SOL cannot break through the $152.50 resistance, it may face another downturn. Initial downside support is near $145, with the first major support at $142. A drop below this could see the price testing $135, and a close below $135 could lead to a decline towards the $120 support in the near term. $SOL $BTC

Disclaimer:

Research Yourself before investing, use only risk-worthy funds, and take full responsibility for your decisions.

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