The price of Solana dropped and approached $110. Currently, the SOL price is attempting to recover losses that were incurred above $140, but it’s encountering obstacles around the $160 resistance level.
- SOL price gained bearish momentum and declined below $150 against the US Dollar.
The price is now trading below $160 and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance at $160 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
The pair could continue to recover if it clears the $150 and $160 resistance levels.
Solana Price Starts Recovery
The price of Solana experienced a significant drop, falling below the $180 and $160 support points. This decline caused Solana (SOL) to plummet by more than 20%, pushing it beneath the $150 mark. Eventually, buyers emerged near the $110 level.
At a price of $115.04, a trough was reached, and now an uptrend is being attempted, similar to Bitcoin and Ethereum. There has been notable progress beyond the resistance levels at $125 and $132. The price has also surpassed the 23.6% Fibonacci retracement level – a significant milestone on the path upwards from the swing high of $204 to the low of $115.
Currently, Solana’s price is under $150 and dips below its 4-hour SMA of around $150. Nearby, there’s resistance at the $150 mark. A significant resistance lies ahead at approximately $160.
An additional bearish trend line is emerging on the 4-hour chart of SOL/USD, with a resistance point at $160. This trend line aligns closely with the 61.8% Fibonacci retracement level of the price drop from the peak of $204 to the low of $115. Breaking above $160 may initiate another significant surge, and the subsequent resistance lies around $182. Further advancements could potentially push the price towards $200.
Are Dips Supported in SOL?
if SOL doesn’t manage to surpass the $160 resistance, there’s a risk of another price drop. The bottom support lies around the $140 mark.
The price may find significant resistance around $132. Should it drop beneath this point, we might see a further decrease towards $115. If the price breaks below the $115 mark, it could continue downward.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $140, and $132.
Major Resistance Levels – $150, $160, and $182.
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2024-04-15 08:10