Solana (SOL) Recovery Attempt Builds, But Volume | Crypto News
Solana began a contemporary decline below the $162 zone. SOL price is now trying to get better and faces hurdles close to the $166 zone.
- SOL price began a contemporary decline below $165 and $162 against the US Dollar.
- The price is now trading below $165 and the 100-hourly simple transferring average.
- There was a break above a key bearish pattern line with resistance at $155 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price may continue to transfer up if it clears $165 and $166.
Solana Price Attempts Recovery Wave
Solana price failed to stay secure above $175 and began a contemporary decline, like Bitcoin and Ethereum. SOL declined below the $170 and $165 help ranges.
The price gained bearish momentum below $160. A low was shaped at $145, and the price lately began a recovery wave. There was a transfer above the 23.6% Fib retracement stage of the downward transfer from the $188 swing high to the $145 low.
Besides, there was a break above a key bearish pattern line with resistance at $155 on the hourly chart of the SOL/USD pair. Solana is now trading below $165 and the 100-hourly simple transferring average.
On the upside, instant resistance is close to the $165 stage. The next major resistance is close to the $166 stage and the 50% Fib retracement stage of the downward transfer from the $188 swing high to the $145 low. The main resistance may very well be $172. A profitable close above the $172 resistance zone may set the tempo for another regular increase. The next key resistance is $180. Any more positive aspects may ship the price toward the $188 stage.
Another Decline In SOL?
If SOL fails to rise above the $166 resistance, it may continue to transfer down. Initial help on the draw back is close to the $160 zone. The first major help is close to the $155 stage.
A break below the $155 stage may ship the price toward the $148 help zone. If there’s a close below the $148 help, the price may decline toward the $142 zone in the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is shedding tempo in the bearish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 stage.
Major Support Levels – $155 and $148.
Major Resistance Levels – $165 and $166.
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