As a seasoned crypto investor who has witnessed the rollercoaster ride of the digital currency market for years, I find myself observing Solana’s current situation with a mix of caution and anticipation.
Solana’s advancement has slowed, and it’s currently trading below the $175 resistance level. The Solana (SOL) price is edging closer to the potential support at $165 and could potentially rebound shortly.
- SOL price started a fresh decline after it struggled near the $185 zone against the US Dollar.
- The price is now trading below $172 and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $172 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 $165 and $162 support levels.
Solana Price Holds Support
The value of Solana found it tough to surpass the $185 barrier, much like Bitcoin and Ethereum, and subsequently began a new descent. Notably, it dipped below both the $180 and $175 price floors.
In simpler terms, the bears managed to drive the price down below $172 and touched the support area around $165. A lowest point was reached at $165, and currently, the price is stabilizing while remaining below the 23.6% Fibonacci retracement line of the decline from the peak of $183 to the trough of $165.
Currently, Solana’s trading price has dropped below the $172 mark and is slightly lower than its 100-hour moving average. As it attempts to rise, there’s a noticeable barrier around the $170 level. A significant resistance lies ahead at $172, with an additional bearish trend line forming at this level on the hourly chart of Solana/USD.
The main resistance could be $175 or the 50% Fib retracement level of the downward move from the $183 swing high to the $165 low. A successful close above the $175 resistance level could set the pace for another steady increase. The next key resistance is $182. Any more gains might send the price toward the $185 level.
More Losses in SOL?
If SOL doesn’t manage to break through the $170 barrier, it might keep falling instead. A potential floor in this scenario could be around the $165 mark. The primary significant support lies at approximately $162 level.
Dropping below $162 could potentially push the price down to around $150. Should we see a closing price under $150 (which acts as a support), there’s a possibility for a short-term drop towards the $135 support level.
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 50 level.
Major Support Levels – $165 and $162.
Major Resistance Levels – $170 and $172.
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2024-11-01 08:46