Solana (SOL) Below $150 Again, Exposing Price to Additional Bearish Swings
BY
Ben Graham
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Solana started a fresh decline below the $150 zone. SOL price is now consolidating losses below $150 and might decline further below $142.
Solana Price Dips Again
Solana price failed to remain stable above $162 and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $155 and $150 support levels.
The price gained bearish momentum below $150. A low was formed at $141, and the price is now consolidating losses. The price recovered a few points but remained below the 23.6% Fib retracement level of the downward move from the $172 swing high to the $141 low.
Solana is now trading below $150 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $148 level. There is also a key bearish trend line forming with resistance at $148 on the hourly chart of the SOL/USD pair.
The next major resistance is near the $152 level. The main resistance could be $160 and the 61.8% Fib retracement level of the downward move from the $172 swing high to the $141 low. A successful close above the $160 resistance zone 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.
Another Decline In SOL?
If SOL fails to rise above the $152 resistance, it could continue to move down. Initial support on the downside is near the $142 zone. The first major support is near the $140 level.
A break below the $140 level might send the price toward the $132 support zone. If there is a close below the $132 support, the price could decline toward the $120 support in the near term.
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 – $142 and $140.
Major Resistance Levels – $148 and $152.