Recently, Solana (SOL) has experienced a decrease in value, dropping below the crucial support zone of $150. The price is currently consolidating and could potentially see a recovery if it manages to surpass the $152.50 resistance level. Despite trading below $160 and the 100-hourly simple moving average, there is hope for a turnaround in the near future.
Solana price has been following a short-term bearish trend similar to other major cryptocurrencies like Bitcoin and Ethereum. With losses extending below the $160 support zone, SOL finds itself stuck below the $150 mark, facing challenges in breaking out of this bearish cycle. Even a slight upward movement above the 23.6% Fib retracement level has not been able to propel the price above $155 and the 100-hourly simple moving average.
Currently, immediate resistance lies at the $150 level, with a connecting bearish trend line forming resistance at the same price point. The next major resistance awaits at $152.50, a successful breach of which could signal a significant increase in value. Further resistance levels at $157 and $165 also pose challenges for SOL’s price movement.
On the downside, initial support is seen around the $145 level, followed by a more substantial support level at $142. Failure to hold above these levels could result in a further decline towards $135, with a potential downward move towards $120 in the near term.
Examining the technical indicators, the hourly MACD for SOL/USD suggests a loss of momentum in the bearish zone, indicating a potential struggle for price recovery. Additionally, the hourly RSI for SOL/USD is currently below the 50 level, signaling a bearish sentiment in the market.
Solana (SOL) is facing a challenging period as it grapples with bearish trends and struggles to break through key resistance levels. However, with a potential for recovery if it manages to surpass the $152.50 resistance level, there is still hope for a positive turnaround in the near future. Traders and investors should closely monitor price movements and key support and resistance levels to make informed decisions in this volatile market environment.