Solana (SOL) Struggles to Rebound, $165 Level | Crypto News
Solana began a recent decline below the $165 pivot zone. SOL price is now trying to recuperate and faces hurdles close to the $165 zone.
- SOL price began a recent decline below $162 and $160 against the US Dollar.
- The price is now trading below $162 and the 100-hourly simple shifting average.
- There is a new bearish development line forming with resistance at $159 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price might continue to transfer up if it clears $160 and $162.
Solana Price Faces Hurdles
Solana price prolonged losses below $150 before the bulls appeared, like Bitcoin and Ethereum. SOL examined the $145 zone and just lately began a recovery wave.
There was a transfer above the $150 and $155 resistance ranges. The price climbed above the 23.6% Fib retracement stage of the downward transfer from the $188 swing high to the $145 low. However, the bears remained energetic close to the $162-$165 resistance zone.
Besides, there’s a new bearish development line forming with resistance at $159 on the hourly chart of the SOL/USD pair. Solana is now trading below $162 and the 100-hourly simple shifting average.
On the upside, instant resistance is close to the $160 stage and the development line. The next major resistance is close to the $162 stage. The main resistance may very well be $165. A profitable close above the $165 resistance zone might set the tempo for another regular increase.
The next key resistance is $172 and the 61.8% Fib retracement stage of the downward transfer from the $188 swing high to the $145 low. Any more positive factors would possibly ship the price toward the $180 stage.
Another Decline In SOL?
If SOL fails to rise above the $160 resistance, it might continue to transfer down. Initial assist on the draw back is close to the $150 zone. The first major assist is close to the $145 stage.
A break below the $145 stage would possibly ship the price toward the $138 assist zone. If there’s a close below the $138 assist, the price might decline toward the $130 zone in the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining tempo in the bearish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 stage.
Major Support Levels – $150 and $145.
Major Resistance Levels – $160 and $165.
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