Solana attempted a recovery wave above the $140 level. SOL price is now struggling to break above the $160 and $170 resistance levels.
- SOL price recovered and tested the $160 resistance against the US Dollar.
- The price is now trading below $160 and the 100 simple moving average (4-hours).
- A key bullish trendline is forming with support at $146 on the 4-hour chart of SOL/USD (data source from Kraken).
- The pair could begin a further decline if it stays below $160 and $170 for long.
Solana price faces resistance
Solana price began a significant decline below the $170 and $160 support levels. SOL tested the $115 zone and recently started an upward correction, as Bitcoin And Ethereum.
There was a decent increase above the $130 and $140 levels. The price climbed above the 23.6% Fibonacci retracement level of the descending wave from the $205 high to $115 low. It even surpassed the $155 area and the 100 simple moving average (4-hours).
However, the bears are active near the $160 area and the 50% Fibonacci retracement level of the descending wave from the $205 high to $115 low. The price has struggled and corrected gains.
Source: SOLUSD on TradingView.com
Solana is now trading below $160 and the 100 simple moving average (4-hours). There is also a key bullish trendline forming with support at $146 on the 4-hour chart of the SOL/USD pair. Immediate resistance is near the $155 level. The next major resistance is near the $160 level. A successful close above the $160 resistance could set the tone for another major rise. The next key resistance is near $170. Any further gains could push the price towards the $188 level.
Another decline in SOL?
If SOL fails to move above the $160 resistance, it could begin a further decline. Initial downside support is near the $145 level and the trendline.
The first major support is near the $132 level, below which the price could test $120. If there is a close below the $120 support, the price could decline to the $100 support in the near term.
Technical indicators
4-hour MACD – The MACD for SOL/USD is accelerating into the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Key support levels – $146 and $132.
Major resistance levels – $155, $160 and $170.
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