As a seasoned crypto investor with a few years of experience under my belt, I’ve seen my fair share of market volatility in the Solana (SOL) price. The latest correction has once again tested the resilience of the SOL price at the $160 support zone.
As a researcher observing the Solana market, I’ve noticed that the price has once more retreated to test the $160 support level. The cryptocurrency is currently in a holding pattern and could potentially rebound if it manages to surmount the resistance at $166.
- SOL price corrected lower and tested the $160 support zone against the US Dollar.
The price is now trading below $168 and the 100-hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $165 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could clear the $166 resistance unless it fails to stay above $160.
Solana Price Eyes Recovery
The price of Solana has been following a downward trend similar to Bitcoin and Ethereum. It dipped to test the support at $160, and currently, it’s in the process of consolidating its losses. The coin is struggling to break above the resistance level of $165.
The price of Solana made a small advance above the 23.6% Fibonacci retracement mark of its decline from the peak at $170 to the low of $161.50. Currently, Solana’s value is below $166 and the 100-hour moving average. The next resistance lies around $165.
On the hourly chart for the SOL/USD pair, a bearish trend line is emerging with a resistance level at $165. The next notable resistance lies around $166. Overcoming this barrier with a conclusive rise might pave the way for further growth.
As a crypto investor, I’m keeping an eye on the next significant resistance level, which is around $168 or the 61.8% Fibonacci retracement mark of the downtrend from the $170 peak to the $161.50 trough. Should the price continue climbing, it may push us towards the $172 territory.
More Losses in SOL?
Should SOL fail to surpass the $166 resistance mark, there’s a likelihood of another price drop. The initial floor in this scenario can be found around the $162 mark.
The price may encounter its initial significant resistance around $160. If it drops below this level, we could see a further slide down to $155. Should the price fall beneath the $155 support, there’s a possibility it might head toward the nearby support at $150 in the short term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bearish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $162, and $160.
Major Resistance Levels – $166, $168, and $172.
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2024-06-03 06:04