Solana continued its decline below the $150 support level. The SOL price is stabilizing, and it could witness a correction if it surpasses the $152.50 resistance level.
- The price of SOL fell significantly lower against the US dollar, trading below $150.
- The 100-hourly simple moving average and $160 are currently being traded below the price.
- On the hourly chart of the SOL/USD pair, a connecting bearish trend line is emerging, with resistance at $150 (data source: Kraken).
- To initiate a brief uptrend, the pair can break over the $152.50 barrier.
Solana Price Expects a Comeback
Like Bitcoin and Ethereum, the Solana price remained in a short-term bearish zone. SOL continued to suffer losses below the $160 support zone and is currently consolidating its losses. It is unable to move above $150.
There was a modest advance over the 23.6% Fib retracement level of the decline from the swing high of $163.25 to the low of $145.03. Solana prices are currently trading below $155 and the 100-hourly simple moving average. Immediate resistance lies near the $150 level.
On the hourly chart of the SOL/USD pair, a connecting negative trend line is also forming, with resistance at $150. The $152.50 mark is the next significant resistance. A close above the $152.50 resistance could set the stage for another significant rise.
The next crucial barrier is located close to $157, which is also the 61.8% Fib retracement level of the decline from the $163.25 swing high to the $145.03 low. If there are further gains, the price could head towards $165.
SOL losses widen?
If SOL is unable to rise above the $152.50 resistance, it could start another decline. The $145 mark is around the first downside support.
The first critical support level is near $142, and below that, the price may fall to $135. If the price closes below the $135 support, it might decline towards the $120 level in the near future.
Technical Indicators
Hourly MACD: The SOL/USD MACD is lagging behind in the negative area.
RSI (Relative Quality File) for Hourly Hours SOL/USD’s RSI is underneath the 50-point limit.
Levels of Major Support: $145 and $142.
Important Barriers: $152.50, $157, and $165.
