Solana declined again and tested the $160 support zone. SOL price is consolidating and might recover if it clears the $166 resistance zone.
SOL price corrected lower and tested the $160 support zone against the US Dollar.
The price is now trading below $168 and the 100-hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $165 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could clear the $166 resistance unless it fails to stay above $160.
Solana Price Eyes Recovery
Solana price remained in a short-term bearish zone like Bitcoin and Ethereum. SOL tested the $160 support zone and now consolidating losses. It is stuck below the $165 level.
There was a minor move above the 23.6% Fib retracement level of the downward move from the $170 swing high to the $161.50 low. Solana price is now trading below $166 and the 100-hourly simple moving average. Immediate resistance is near the $165 level.
There is also a connecting bearish trend line forming with resistance at $165 on the hourly chart of the SOL/USD pair. The next major resistance is near the $166 level. A successful close above the $166 resistance could set the pace for another major increase.
Source:
The next key resistance is near $168 or the 61.8% Fib retracement level of the downward move from the $170 swing high to the $161.50 low. Any more gains might send the price toward the $172 level.
More Losses in SOL?
If SOL fails to rally above the $166 resistance, it could start another decline. Initial support on the downside is near the $162 level.
The first major support is near the $160 level, below which the price could test $155. If there is a close below the $155 support, the price could decline toward the $150 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 – $162, and $160.
Major Resistance Levels – $166, $168, and $172.
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
Read more
From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.
In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.
Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.
Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.
At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.
In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.
Close
Disclaimer: The information found on NewsBTC is for educational purposes
only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any
investments and naturally investing carries risks. You are advised to conduct your own
research before making any investment decisions. Use information provided on this website
entirely at your own risk.
