Solana prolonged losses beneath the $150 help zone. SOL value is consolidating and would possibly get well if it clears the $152.50 resistance zone.
SOL value declined additional and even traded beneath $150 towards the US Greenback.
The value is now buying and selling beneath $160 and the 100-hourly easy shifting common.
There’s a connecting bearish development line forming with resistance at $150 on the hourly chart of the SOL/USD pair (information supply from Kraken).
The pair may clear the $152.50 resistance to begin a short-term restoration wave.
Solana Value Eyes Restoration
Solana value remained in a short-term bearish zone like Bitcoin and Ethereum. SOL prolonged losses beneath the $160 help zone and is now consolidating losses. It’s caught beneath the $150 degree.
There was a minor transfer above the 23.6% Fib retracement degree of the downward transfer from the $163.25 swing excessive to the $145.03 low. Solana value is now buying and selling beneath $155 and the 100-hourly easy shifting common. Rapid resistance is close to the $150 degree.
There’s additionally a connecting bearish development line forming with resistance at $150 on the hourly chart of the SOL/USD pair. The subsequent main resistance is close to the $152.50 degree. A profitable shut above the $152.50 resistance may set the tempo for one more main improve.
The subsequent key resistance is close to $157 or the 61.8% Fib retracement degree of the downward transfer from the $163.25 swing excessive to the $145.03 low. Any extra beneficial properties would possibly ship the worth towards the $165 degree.
Extra Losses in SOL?
If SOL fails to rally above the $152.50 resistance, it may begin one other decline. Preliminary help on the draw back is close to the $145 degree.
The primary main help is close to the $142 degree, beneath which the worth may check $135. If there’s a shut beneath the $135 help, the worth may decline towards the $120 help within the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is dropping tempo within the bearish zone.
Hourly Hours RSI (Relative Energy Index) – The RSI for SOL/USD is beneath the 50 degree.
Main Help Ranges – $145, and $142.
Main Resistance Ranges – $152.50, $157, and $165.
