As a seasoned analyst with years of experience in the crypto market, I can see Solana (SOL) is currently struggling to find its footing, with prices dipping below key support levels like $150 and $142. The current price action is reminiscent of a rollercoaster ride, with SOL testing $128 and now consolidating losses.
Solana’s value has been dropping since it fell below the levels of $150 and $142. At present, the Solana price is facing difficulty in initiating an upward trend after testing the price point of approximately $128.
- SOL price started a fresh downward move below $150 against the US Dollar.
The price is now trading below $140 and the 100-hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $134 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could start a recovery wave if it clears the $138 resistance zone.
Solana Price Extends Losses
The price of Solana began to drop below its $150 support level, similarly to Bitcoin and Ethereum. The downward momentum picked up for SOL, causing it to trade beneath the $142 mark. Moreover, the price dipped as low as the $128 support point.
At $127.80, a dip occurred and the price is currently stabilizing after incurring losses. The price appears to be indicating a potential upward trend, but it remains below the 23.6% Fibonacci retracement line of the decline from the peak at $147.28 to the trough at $127.80.
currently trading significantly lower than $140 and below its 100-hour moving average. If prices rise, they encounter resistance around $132.50. Additionally, a downward trend line is forming, with resistance at $134 on the hourly chart of Solana to USD pair, suggesting a bearish outlook.
In simpler terms, if we look ahead, the potential obstacle for further rise in price lies around $138 or at the 50% point of the previous drop from $147.28 peak to $127.80 trough. Overcoming and closing above both $134 and $138 could pave the way for continued growth, with the next significant resistance likely near $142. Further gains might push the price towards $150.
More Downsides in SOL?
Should SOL not surpass the $138 resistance, it may trigger a new descent. A potential initial floor can be found around $128, while the primary support lies at approximately $122.
Dropping beneath $122 could potentially push the price down to around $115. Should we see a closing price below the current support at $115, there’s a possibility that it may continue to fall towards the nearby $100 support level in the immediate future.
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 – $128 and $122.
Major Resistance Levels – $134 and $138.
Read More
Sorry. No data so far.
2024-09-02 08:10