Solana started a new decline below USD 155 and USD 150. The SOL price tested USD 140 and is currently struggling to initiate a recovery wave.
- The SOL price started a new downward move below $150 against the US dollar.
- The price is now trading below $148 and the 100-hour moving average.
- A short-term descending channel is forming with resistance at $145.50 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could start a recovery wave if it breaks the $148 resistance zone.
Solana Price revisits $140
The Solana price started a new decline well above $155, like Bitcoin and Ethereum. SOL gained speed and traded below the USD 150 level. It even tested the $140 support level.
A low was formed at $140.53 and the price is now consolidating losses. There was a small upward move above the USD 142 and USD 143 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $161.95 swing high to the $140.53 low.
Solana is now trading well below $150 and the 100-hour moving average. On the upside, the price is facing resistance around the $146 level. A short-term descending channel is also forming with resistance at $145.50 on the hourly chart of the SOL/USD pair.
The next major resistance is around the $148 level. A successful close above the USD 148 and USD 150 resistance levels could set the pace for another steady rise. The next major resistance is near $152 or the 50% Fib retracement level of the downward move from the $161.95 swing high to the $140.53 low. Any further gains could send the price towards the USD 162 level.
More disadvantages in SOL?
If SOL fails to rise above the USD 146 resistance, it could trigger a fresh decline. The initial downside support is near the $142 level. The first major support is near the $140 level.
A break below the USD 140 level could send the price towards USD 132. If there is a close below the USD 132 support, the price could fall towards the USD 125 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major support levels – USD 142 and USD 140.
Major resistance levels – $146 and $148.