Solana cut gains and traded below the $172 support area. SOL price is consolidating and may struggle to recover above the $165 resistance.
- The price of SOL started to decline again after struggling near the $175 area against the US Dollar.
- The price is now trading below $170 and the 100 hourly simple moving average.
- There is an important bearish trend line forming resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair can start an upside move if it stays above the $155 and $150 support levels.
Solana Price Increases Losses
Solana price struggled to clear the $180 resistance and started new lows like Bitcoin and Ethereum. There was a decline below the $175 and $172 support levels.
Bears even pushed the price below $165 and tested the $155 support area. A low was formed at $155 and the price now includes losses below the 23.6% Fib retracement level from the $173 swing high to the $155 low.
Solana is now trading below $162 and the 100 hourly simple moving average. On the other hand, the price is facing resistance near the $160 level. The next major resistance is near the $162 level. There is also a key bearish line forming with resistance at $162 on the SOL/USD hourly chart.
The main resistance would be $165 or the 50% Fib retracement level to the downside from the $173 swing high to the $155 low. A successful close above the $165 resistance level could set the pace for further upside. The next key resistance is $172. Any further gains could send the price to the $180 level.
More Losses in SOL?
If SOL fails to rise above the $165 resistance, it could continue to decline. The first support on the downside is near the $155 level. The first major support is near the $150 level.
A break below the $150 level would send the price to the $135 area. If there is a close below the $135 support, the price may drop to the $124 support in the near term.
Technical References
Hourly MACD – The SOL/USD MACD is losing momentum in bearish territory.
Hourly RSI (Relative Strength Index) – RSI for SOL/USD is below the 50 level.
Major Support Levels – $155 and $150.
Major Resistance Levels – $162 and $165.
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