Solana extended losses below the $150 support zone. SOL price is consolidating and could recover if it crosses the $152.50 resistance zone.
- The SOL price fell further and even traded below $150 against the US dollar.
- The price is now trading below $160 and the 100-hour moving average.
- A connecting bearish trendline is forming with resistance at $150 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could break the USD 152.50 resistance to start a near-term recovery wave.
Solana Price Eye Restoration
Solana price remained in a short-term bearish zone like Bitcoin and Ethereum. SOL extended losses below the USD 160 support zone and is now consolidating losses. It is stuck below the USD 150 level.
There was a small move above the 23.6% Fib retracement level of the downward move from the $163.25 swing high to the $145.03 low. The Solana price is now trading below $155 and the 100-hour moving average. The immediate resistance is near the USD 150 level.
A connecting bearish trendline is also forming with resistance at $150 on the hourly chart of the SOL/USD pair. The next major resistance is around the $152.50 level. A successful close above the $152.50 resistance could set the pace for another big move higher.
The next major resistance is near $157 or the 61.8% Fib retracement level of the downward move from the $163.25 swing high to the $145.03 low. Any further gains could send the price towards the USD 165 level.
Lose more in SOL?
If SOL fails to break above the USD 152.50 resistance, it could trigger another decline. The initial downside support is near the $145 level.
The first major support is near the USD 142 level, below which the price could test USD 135. If there is a close below the USD 135 support, the price could fall towards the USD 120 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major support levels – USD 145 and USD 142.
Major resistance levels – $152.50, $157 and $165.