As a seasoned crypto investor with over a decade of experience navigating the volatile world of digital assets, I have learned to stay patient and flexible when it comes to my portfolio. The recent decline of Solana (SOL) below $155 and its struggle to recover above $148 is just another reminder of the market’s unpredictable nature.
Solana’s price recently dropped, dipping below both $155 and $150. It has since been tested at $140, but so far, it hasn’t managed to initiate an upward trend for a potential recovery.
- SOL price started a fresh downward move below $150 against the US Dollar.
The price is now trading below $148 and the 100-hourly simple moving average.
There is a short-term declining channel forming with resistance at $145.50 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could start a recovery wave if it clears the $148 resistance zone.
Solana Price Revisits $140
As a crypto investor, I’ve noticed that the price of Solana (SOL) began a sharp drop from levels above $155, mirroring the declines in Bitcoin and Ethereum. The downward momentum picked up pace, causing SOL to trade below the $150 mark. In fact, it dipped even lower to test the resilience of the $140 support level.
At $140.53, a dip was established and currently, the price is holding steady amidst consolidation of losses. There was a slight advance that surpassed the resistance levels at $142 and $143. Interestingly, the price has risen above the 23.6% Fibonacci retracement level, which marks the point where a portion of the downward move from the peak at $161.95 to the trough at $140.53 was recovered.
As I examine the current state of Solana, I notice it’s trading significantly lower than $150 and just below the 100-hour Simple Moving Average. On the optimistic side, the price is encountering resistance around the $146 mark. Additionally, there seems to be a short-term descending channel in formation, with the resistance at approximately $145.50 on the hourly SOL/USD chart.
The significant barrier for further growth lies around $148. Breaking through this and also the $150 resistance could pave the way for continued upward momentum. The following major obstacle is found either at $152 or the halfway point of the price drop from the peak of $161.95 to the trough of $140.53. Any further advancements could potentially drive the price towards $162.
More Downsides in SOL?
Should SOL not manage to surpass the $146 barrier, a potential drop might ensue. A preliminary floor may emerge around the $142 mark. Notably, a significant support could be found at approximately $140 level.
Dropping beneath the $140 mark may cause the price to slide down to around $132. If we see a closing price below this $132 level as a support, it’s possible that the price will fall further towards the $125 support in the short term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $142 and $140.
Major Resistance Levels – $146 and $148.
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2024-08-29 08:47