Why Solana is Getting Pushed Around Like a Rag Doll 🤡🚫

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Well now, bless your heart! It seems our dear Solana has taken a nosedive from the lofty heights of $165. Like a bird with a broken wing, it’s flapping about, trying to find its footing but languishing below the $145 barrier like a lost soul in a crowded saloon.

  • Once upon a time, SOL was above the fine $165 and $150 markers, but alas, those days are a mere fading memory.
  • Our little friend is now below the $150 line while dancing with the 100-hourly simple moving average—as if it were a two-stepping partner who stepped on its toes.
  • In a spectacular show of misjudgment, Solana broke through a rising channel that’s as short-lived as a summer romance, with support at $144 flickering out like a candle in the wind (as per the ever-helpful folks at Kraken).
  • The bulls need to rally their strength and kick it up a notch past the $155 mark, or else we might see a party of bears crashing the soirée.

Solana’s Stumbles and Fumbles

It appears that Solana couldn’t quite muster the willpower to tackle that pesky $180 resistance, and like a beleaguered sailor tossed about by a storm, it slid downwards. We’ve witnessed a sad tale as the price floundered below both the $162 and $150 levels.

And now—oh goodness!—it even dipped below $140. The most recent drama unfolded at a lowly $132 before it dared to climb back above $140 and $142. It even poked its head past the 23.6% Fib retracement level, but that didn’t impress the bears, who fiercely defended their position near $152 and sent our protagonist tumbling once more.

Currently, Solana finds itself lounging below $145 with the 100-hourly average watching disapprovingly. On the brighter side, if it can bulk up and conquer the $145 barricade, the next obstacle appears at $148. But watch out! A formidable wall awaits at $155—better known as the 50% Fib retracement level!

If Solana manages to shut the door on the $155 resistance like a determined mama bear, it could be the start of a new chapter. And from there, the skies might clear towards the $175 horizon.

Are We Headed for More Losses in SOL? 🤷‍♂️

But, oh dear! Should SOL fail to tussle up to the $148 resistance, another decline may be lurking just around the corner. Keep your eyes peeled for early support down by the $136 area, with the first real lifebuoy floating at $132.

If the ship sinks below the $132 level, we might find ourselves paddling towards the $125 zone. And if the currents drag us below $125, well then, buckle up folks—we could be on a rollercoaster ride down to the $120 mark in no time!

Technical Indicators That’ll Make You Go Hmmm:

Hourly MACD – The MACD for SOL/USD is lagging behind like a sleepy tortoise in the bear den.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is sulking below the 50-spot, probably waiting for a pick-me-up.

Major Support Levels – Our lifejackets are floating at $136 and $132.

Major Resistance Levels – The formidable obstacles are set at $148 and $155.

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2025-03-07 08:20