As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market volatility, especially in the Solana (SOL) market. The latest price action for SOL has been disheartening, to say the least. After a promising run-up, SOL extended losses below the $150 support zone and is now consolidating.
The price of Solana dipped beneath its $150 support, causing further decline. However, if Solana can surmount the $152.50 resistance barrier, a potential recovery may ensue.
- 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
The price of Solana has followed a downward trend similar to Bitcoin and Ethereum. SOL has continued to decline, dropping beneath the support of $160. Currently, it is in the process of consolidating these losses and remains stuck below the $150 mark.
The price of Solana experienced a slight advance, surpassing the 23.6% Fibonacci retracement mark in its downward trend from $163.25 peak to $145.03 low. However, it has since retreated below the $155 threshold and now hovers beneath the 100-hour SMA. The nearest resistance lies around the $150 mark.
As an analyst, I’ve noticed a developing bearish trend line on the hourly chart of SOL/USD pair with a resistance level at $150. The subsequent significant resistance lies around $152.50. Overcoming this resistance could potentially ignite another notable price surge.
The price may encounter significant resistance around the $157 mark or at the 61.8% Fibonacci retracement point of the decline from the peak of $163.25 to the trough of $145.03. Should it continue to rise, it could push up towards the $165 mark.
More Losses in SOL?
If SOL doesn’t manage to break past the $152.50 resistance mark, there’s a possibility for another price drop. A supportive floor can be found around the $145 mark in case of such a decline.
As a crypto investor, I would interpret this as follows: The first significant level of resistance for me lies around $142. If the price falls below this point, it may trigger a sell-off towards the next support at $135. Should the price break below the $135 mark during a closing session, I anticipate further potential declines, possibly reaching the support level of $120 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 – $145, and $142.
Major Resistance Levels – $152.50, $157, and $165.
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2024-06-12 12:44