Solana started a downside correction from the $162 resistance zone. SOL price is back to $140 and might attempt a fresh increase above $150.
- SOL price started a downside correction below the $155 and $150 levels the US Dollar.
- The price is now trading below $150 and the 100-hourly simple moving average.
- There was a break below a rising channel with support at $154 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start another increase if it clears the $150 resistance zone.
Solana Price Trims Gains and Revisit $140
Solana price started a downside correction after it failed to clear the $162 zone. SOL dipped below the $155 support level and moved into a short-term bearish zone like Bitcoin and Ethereum.
There was a break below a rising channel with support at $154 on the hourly chart of the SOL/USD pair. The pair dipped below the $145 level. It even tested the $140 zone. A low was formed at $141.29 and the price is now consolidating losses.
Solana is now trading well below $150 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $145 level. It is close to the 23.6% Fib retracement level of the downward move from the $158 swing high to the $141 low.
The next major resistance is near the $150 level or the 50% Fib retracement level of the downward move from the $158 swing high to the $141 low. A successful close above the $150 resistance could set the pace for another steady increase. The next key resistance is near $155. Any more gains might send the price toward the $162 level.
More Downsides in SOL?
If SOL fails to rise above the $150 resistance, it could start another decline. Initial support on the downside is near the $142 level. The first major support is near the $140 level.
A break below the $140 level might send the price toward $132. If there is a close below the $132 support, the price could decline toward the $124 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 – $142 and $135.
Major Resistance Levels – $150 and $155.