Solana extended losses below the $150 support area. SOL price is consolidating and may recover if it clears the $152.50 resistance area.
- The price of SOL fell further to trade below $150 against the US Dollar.
- The price is now trading below $160 and the 100 hourly simple moving average.
- There is a connecting bearish trend line forming with resistance at $150 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair can clear the $152.50 resistance to start a short-term recovery wave.
Solana Price Eyes Recovery
The price of Solana remained in a temporary bearish zone like Bitcoin and Ethereum. SOL extended stop loss below the $160 support area and now includes a stop loss. It is stuck below the $150 level.
There was a slight move above the 23.6% Fib retracement level from the $163.25 swing high to the $145.03 low. The price of Solana is now trading below $155 and the 100 hourly simple moving average. Immediate resistance is near the $150 level.
There is also a connecting bearish line forming with resistance at $150 on the SOL/USD hourly chart. The next major resistance is near the $152.50 level. A successful close above the $152.50 resistance could set the pace for another big rally.
The next key resistance is near $157 or the 61.8% Fib retracement level of the downside from the $163.25 swing high to $145.03 low. Any further gains could send the price to the $165 level.
More Losses in SOL?
If SOL fails to rally above the $152.50 resistance, it could start another decline. The first support on the downside is near the $145 level.
The first major support is near the $142 level, below which the price can test $135. If there is a close below the $135 support, the price may drop to the $120 support in the near term.
Technical References
Hourly MACD – The SOL/USD MACD is losing momentum in bearish territory.
Hourly RSI (Relative Strength Index) – RSI for SOL/USD is below the 50 level.
Major Support Levels – $145, and $142.
Major Resistance Levels – $152.50, $157, and $165.
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