Solana began a downside correction from the $162 resistance zone, bringing its price back to $140. Despite the drop below the $155 and $150 levels against the US Dollar, SOL might attempt a fresh increase above $150.
Currently, the price is trading below $150 and the 100-hourly simple moving average. The decline included a break below a rising channel with support at $154 on the hourly chart of the SOL/USD pair (data source from Kraken). However, the pair could start another increase if it clears the $150 resistance zone.
Solana Faces Key Resistance Levels After Downside Correction
Solana’s price started a downside correction after failing to clear the $162 resistance zone, dipping below the $155 support level and entering a short-term bearish phase, similar to Bitcoin and Ethereum. This decline included a break below a rising channel with support at $154 on the hourly chart of the SOL/USD pair, pushing the price below the $145 level and even testing the $140 zone. A low was formed at $141.29, and the price is now consolidating its losses.
Source: SOLUSD on TradingView.com
Currently, Solana is trading well below $150 and the 100-hourly simple moving average. On the upside, the price is encountering resistance near the $145 level, which aligns with the 23.6% Fib retracement level of the downward move from the $158 swing high to the $141 low. The next major resistance is near the $150 level, corresponding to the 50% Fib retracement level of the same downward move. A successful close above the $150 resistance could pave the way for a steady increase, with the next key resistance around $155. Further gains might propel the price toward the $162 level.
Solana Faces Potential Downside if $150 Resistance Holds
If Solana (SOL) fails to break above the $150 resistance level, it could face further declines. The initial support on the downside is near the $142 level, with the first major support at $140. A break below this $140 level could lead to a drop toward $132. If SOL closes below the $132 support, the price may decline further, targeting the $124 support in the near term.
On the technical front, the hourly MACD for the SOL/USD pair is losing momentum in the bearish zone, and the Relative Strength Index (RSI) is below the 50 level, indicating weak buying pressure. Key support levels are at $142 and $135, while major resistance levels are at $150 and $155.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
Join our official TG Channel: https://t.me/CryptosHeadlines
