Market
Solana (SOL) Struggles to Rebound—Key Hurdles Blocking Recovery
Solana started a fresh decline below the $165 zone. SOL price is now consolidating losses and might struggle to recover above the $145 resistance.
- SOL price started a fresh decline below the $165 and $150 levels against the US Dollar.
- The price is now trading below $150 and the 100-hourly simple moving average.
- There was a break below a short-term rising channel with support at $144 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if the bulls clear the $155 zone.
Solana Price Faces Hurdles
Solana price struggled to clear the $180 resistance and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $162 and $150 support levels.
It even dived below the $140 level. The recent low was formed at $132 before the price recovered some losses. It climbed above the $140 and $142 levels. The price surpassed the 23.6% Fib retracement level of the downward move from the $180 swing high to the $132 swing low.
However, the bears were active near $152 and pushed the price lower. There was a break below a short-term rising channel with support at $144 on the hourly chart of the SOL/USD pair.
Solana is now trading below $145 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $145 level. The next major resistance is near the $148 level. The main resistance could be $155 and the 50% Fib retracement level of the downward move from the $180 swing high to the $132 swing low.
A successful close above the $155 resistance zone could set the pace for another steady increase. The next key resistance is $162. Any more gains might send the price toward the $175 level.
More Losses in SOL?
If SOL fails to rise above the $148 resistance, it could start another decline. Initial support on the downside is near the $136 zone. The first major support is near the $132 level.
A break below the $132 level might send the price toward the $125 zone. If there is a close below the $125 support, the price could decline toward the $120 support in the near 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 – $136 and $132.
Major Resistance Levels – $148 and $155.