Solana experienced a drop after facing resistance at the $162 level, now it’s trading around $140, potentially aiming for another rise beyond $150.
- SOL price started a downside correction below the $155 and $150 levels the US Dollar.
The price is now trading below $150 and the 100-hourly simple moving average.
There was a break below a rising channel with support at $154 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could start another increase if it clears the $150 resistance zone.
Solana Price Trims Gains and Revisit $140
As an analyst, I observed a downtrend in Solana (SOL) prices after our previous attempt to breach the $162 resistance fell short. Subsequently, SOL plunged below the crucial support level of $155, aligning with the bearish sentiments seen in both Bitcoin and Ethereum.
As a researcher, I observed a significant drop in the SOL/USD pair on an hourly chart, following a break below the ascending channel that previously had support at $154. This downward trend took the pair below the $145 mark and even probed the $140 zone. The lowest point reached was $141.29, but currently, the price action is pausing to consolidate the losses it incurred.
Currently, Solana’s price is significantly lower than $150 and has dropped below its 100-hour moving average. On the positive side, there seems to be a barrier for further growth around the $145 mark. This level also aligns with the 23.6% Fibonacci retracement level of the decline from the peak at $158 to the trough at $141.
As a researcher, I’ve identified that the upcoming significant barrier lies around the $150 mark or the 50% Fibonacci retracement point of the downward swing from the $158 peak to the $141 trough. Breaking above this resistance at the end of a successful trading day could pave the way for a sustained upward trend, with the next key resistance likely to be found near $155. Any further growth might propel the price towards the $162 level.
More Downsides in SOL?
Should SOL not manage to surpass the $150 barrier, a potential drop might follow. A possible first line of defense on the lower end lies around $142. The primary significant support can be found at approximately $140 level.
As a researcher, I’m sharing my analysis that if the price falls beneath the $140 mark, it might push the value down to around $132. Should the closing price breach the $132 support level, there’s potential for a short-term decline towards the $124 support.
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 – $142 and $135.
Major Resistance Levels – $150 and $155.
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2024-08-12 08:47