Solana (SOL) Struggles to Rebound—Key Hurdles Blocking Recovery
Solana begins a new decline below $165. Now, Sol price is consolidating the losses and may struggle to recover more than $145 resistance.
- The Sol Price is down below the $165 and $150 levels.
- The price is now below $150, while the 100-hour simple moving average.
- There is a breakout below a short-term uptrend channel, with support at $144 on the hourly chart of the SOL/USD pair (Kraken’s data source).
- If the Bulls clear the $155 area, the two may start a new growth.
Solana price faces obstacles
Solana Price works hard to clear $180 resistance and start new declines, e.g. Bitcoin and Ethereum. SOL fell below the support levels of $162 and $150.
It’s even below the $140 level. The recent low formed at $132, and then the price recovered some losses. It climbed to the $140 and $142 levels. Prices exceeded the 23.6% FIB retracement level that dropped from the $180 swing high to the $132 swing low.
However, these Bears are active at $152 and push prices down. There is a breakout below the short-term uptrend channel, with support at $144 on the hourly chart of the Sol/USD pair.
Solana is trading below $145 now, while the 100-hour simple moving average. On the plus side, the price is facing a resistance level of $145. The next major resistor is close to the $148 level. The main resistance could be $155, while the decline in 50% FIB retracement level is from a swing high of $180 to a swing low of $132.
Successful closing of resistor zones above $155 can set the pace for another steady growth. The next key resistance is $162. More gains may shift the price to the $175 level.
More losses in SOL?
If the SOL fails to exceed $148 resistance, it may drop again. The initial support for disadvantages is near the $136 area. The first major support is close to $132.
Rests below $132 may transfer the price to the $125 area. If it is close to the $125 support, the price may drop to $120 support in the short term.
Technical Indicators
Hourly MACD – SOL/USD’s MACD lost its pace in the bearish zone.
Hours and hours RSI (relative intensity index) – The RSI of SOL/USD is below level 50.
Main support levels – $136 and $132.
Major resistance levels – $148 and $155.
