As a researcher with experience in cryptocurrency markets, I’ve been closely monitoring Solana (SOL) price action. SOL has extended losses and is now trading below the crucial $150 support zone. This bearish trend is consistent with broader market sentiment towards Bitcoin and Ethereum.
The price of Solana has continued to decline, dropping below the $150 mark that previously served as support. At present, Solana’s value is consolidating. A recovery may occur if the price manages to surmount the resistance level at $152.50.
- SOL price declined further and even traded below $150 against the US Dollar.
The price is now trading below $160 and the 100-hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $150 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could clear the $152.50 resistance to start a short-term recovery wave.
Solana Price Eyes Recovery
As a researcher studying the cryptocurrency market, I’ve observed that Solana’s price has followed a similar trend to Bitcoin and Ethereum, remaining in a short-term bearish zone. The support at $160 failed to hold, causing further losses for SOL. Currently, it’s consolidating below the resistance level of $150.
As a researcher studying the price movements of Solana, I’ve observed a slight advance above the 23.6% Fibonacci retracement level following the downward trend from the $163.25 peak to the $145.03 trough. Currently, Solana is trading below the $155 mark and falls short of the 100-hour simple moving average. The nearest resistance lies at around the $150 price level.
On the hourly chart of the SOL/USD pair, a bearish trend line is developing with a resistance point at $150. The subsequent significant resistance lies around $152.50. Overcoming this hurdle by closing above it could potentially pave the way for further substantial growth.
The price may encounter significant resistance around $157 or at the 61.8% Fibonacci retracement mark of the slide from the peak of $163.25 to the trough of $145.03. If it continues advancing, it could push towards the $165 price point.
More Losses in SOL?
As an analyst, I would interpret the situation as follows: If SOL (Solana) fails to break above the $152.50 resistance point in the coming days, there’s a strong possibility of another decline. In such a scenario, the initial support for Solana could be found around the $145 mark.
As a researcher, I’ve identified the first significant support level around $142. Should the price drop beneath this mark, it may trigger a test of the $135 support. If we observe a breakthrough below the $135 threshold, the price could potentially slide down to the $120 support in the imminent future.
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 – $145, and $142.
Major Resistance Levels – $152.50, $157, and $165.
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2024-06-12 07:52