Solana began a contemporary decline from the $172 zone. SOL value is now transferring decrease and may decline additional beneath the $155 stage.
- SOL value began a contemporary decline from the $172 resistance zone in opposition to the US Greenback.
- The value is now buying and selling beneath $162 and the 100-hourly easy transferring common.
- There’s a key bearish pattern line forming with resistance at $160 on the hourly chart of the SOL/USD pair (information supply from Kraken).
- The pair might begin a contemporary enhance if it clears the $160 resistance zone.
Solana Value Dips Once more
Solana value did not proceed larger above the $172 stage and began a contemporary decline, like Bitcoin and Ethereum. SOL gained tempo and traded beneath the $160 help stage.
The value even traded beneath the $155 stage. A low was fashioned close to $150 and the worth not too long ago began a restoration wave. There was a transfer above the $155 stage. It surpassed the 23.6% Fib retracement stage of the current decline from the $180 swing excessive to the $150 low.
Solana is now buying and selling beneath $160 and the 100-hourly easy transferring common. There may be additionally a key bearish pattern line forming with resistance at $160 on the hourly chart of the SOL/USD pair.
On the upside, the worth is dealing with resistance close to the $160 stage and the pattern line. The subsequent main resistance is close to the $165 stage. It’s near the 50% Fib retracement stage of the current decline from the $180 swing excessive to the $150 low.
The principle resistance could possibly be $170. A profitable shut above the $170 resistance zone might set the tempo for one more regular enhance. The subsequent key resistance is $172. Any extra features may ship the worth towards the $180 stage.
One other Decline in SOL?
If SOL fails to rise above the $160 resistance, it might begin one other decline. Preliminary help on the draw back is close to the $155 zone. The primary main help is close to the $152 stage.
A break beneath the $152 stage may ship the worth towards the $145 zone. If there’s a shut beneath the $145 help, the worth might decline towards the $132 help within the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining tempo within the bearish zone.
Hourly Hours RSI (Relative Power Index) – The RSI for SOL/USD is beneath the 50 stage.
Main Help Ranges – $155 and $152.
Main Resistance Ranges – $160 and $162.
