Solana experienced a dip and now trades beneath its $172 support level. The value of SOL appears to be stabilizing, potentially facing difficulties in rebounding beyond the $165 resistance point.
- SOL price started a fresh decline after it struggled near the $175 zone against the US Dollar.
- The price is now trading below $170 and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a decent upward movement if it stays above the $155 and $150 support levels.
Solana Price Extends Losses
The price of Solana found it challenging to surpass the $180 barrier, instead, it began to slide downwards, much like Bitcoin and Ethereum. This decline resulted in a drop beneath the support levels at $175 and $172.
The bears even pushed the price below $165 and tested the $155 support zone. A low was formed at $155 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $173 swing high to the $155 low.
Currently, Solana’s trading value is less than $162 and it’s below its 100-hour moving average. If it tries to move upwards, it might encounter a barrier around $160. A stronger resistance lies at $162, and there’s also an emerging bearish trendline at the same level on the hourly chart of Solana/USD pair.
The main resistance could be $165 or the 50% Fib retracement level of the downward move from the $173 swing high to the $155 low. A successful close above the $165 resistance level could set the pace for another steady increase. The next key resistance is $172. Any more gains might send the price toward the $180 level.
More Losses in SOL?
If SOL doesn’t manage to break through the $165 barrier, it might keep falling instead. A potential floor for its descent lies at around $155. The primary significant support can be found around $150.
Dropping below the $150 mark could potentially push the price down towards the $135 region. Should we see a closing figure below the $135 resistance, it’s possible that the price might fall towards the $124 support level 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 – $155 and $150.
Major Resistance Levels – $162 and $165.
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2024-11-05 08:28