As a researcher with experience in cryptocurrency markets, I’ve been closely monitoring the price action of Solana (SOL). Recently, SOL failed to climb above the significant resistance at $135, leading to another decline in its price.
The price of Solana (SOL) was unable to surpass the $135 mark for resistance. Consequently, SOL experienced a significant decrease of approximately 10%, with bears looking to push the price even lower.
- SOL price remained in a bearish zone below the $142 resistance against the US Dollar.
The price is now trading below $130 and the 100-hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $130 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could extend losses if there is a close below the $122.50 support zone.
Solana Price Takes Hit
The price of Solana made an effort to bounce back above the $132 mark, but resistance from sellers prevented further advancement beyond $135. As a result, Solana followed in the footsteps of Bitcoin and Ethereum, initiating another downturn.
As an analyst, I’ve observed a decline in the SOL/USD pair that broke through the support levels at $130 and $125. The lowest point reached was at $123.24, and the current trend indicates a continued downturn. Additionally, there is a developing bearish trend line on the hourly chart, which serves as resistance around the $130 mark.
Currently, Solana’s price is hovering around $130 and falling below its 100-hour moving average. If there’s a rebound in the market, the Solana price could encounter resistance at the $126.50 mark or the 23.6% Fibonacci retracement level of the recent price drop from $136.65 peak to $123.24 low.
The price is encountering strong resistance around the $128.50 mark. Further up, there’s significant resistance at either the $130.00 level or the trendline. It’s also close to the 50% Fibonacci retracement point of the decline from the peak at $136.65 down to the trough at $123.24.
If the price manages to break through and rise above the $130.00 barrier, this could pave the way for further growth with a steady upward trend. The next significant resistance lies around $132.50. Should the price continue to climb, it may push toward reaching the $136.50 mark.
More Losses in SOL?
If SOL doesn’t manage to surpass the $130.00 resistance mark, there’s a chance it may initiate another drop. The bottom support for this cryptocurrency can be found around the $123.50 price point.
The price may encounter significant resistance around the $122.00 mark; if it falls below this level, it could trigger a drop to the $120.00 support. Should the price breach the $120.00 threshold, it might head downward towards the nearby $112.50 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 20 level.
Major Support Levels – $122.00, and $120.00.
Major Resistance Levels – $126.50, $130.00, and $132.50.
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2024-06-24 11:54