“Solana made an effort to bounce back above the $140 mark, but its price has been finding it tough to surpass the barriers at $160 and $170.”
- SOL price recovered higher and tested the $160 resistance against the US Dollar.
The price is now trading below $160 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support at $146 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
The pair could start another decline if it stays below $160 and $170 for a long time.
Solana Price Faces Resistance
The cost of Solana dropped significantly below the $170 and $160 marks, which previously served as support. Solana’s price dipped to the $115 area and has since initiated a rebound, similar to Bitcoin and Ethereum.
The price surpassed both the $130 and $140 thresholds, marking a notable rise. It also exceeded the 23.6% Fibonacci retracement level, which is derived from the downward trend between the $205 peak and the $115 trough. Furthermore, it reached above the $155 area and the 4-hour simple moving average.
Instead of this: “However, the bears are active near the $160 zone and the 50% Fib retracement level of the downward wave from the $205 swing high to the $115 low. The price struggled and corrected gains.”
Solana is now trading below $160 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $146 on the 4-hour chart of the SOL/USD pair. Immediate resistance is near the $155 level. The next major resistance is near the $160 level. A successful close above the $160 resistance could set the pace for another major increase. The next key resistance is near $170. Any more gains might send the price toward the $188 level.
Another Decline in SOL?
If the price of SOL doesn’t manage to break past the $160 resistance, there’s a good chance it may initiate another drop. The lower support for this cryptocurrency can be found around $145 and the descending trendline.
The price may hold steady around $132 as a significant first line of defense; a drop below this point could lead to a downward trend towards $120. If the price falls beneath the $120 mark, it might continue sliding toward the $100 support in the short term.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $146, and $132.
Major Resistance Levels – $155, $160, and $170.
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2024-04-25 08:10