Solana cut gains to trade below the $172 support zone. SOL price is consolidating and might struggle to recover above the USD 165 resistance.
- The SOL price started falling again after struggling against the US dollar near the $175 zone.
- The price is now trading below $170 and the 100-hour moving average.
- A major bearish trendline is forming with resistance at $162 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could start a decent upward move if it remains above the $155 and $150 support levels.
Solana Price Extends Losses
Solana price struggled to clear the USD 180 resistance and started a new decline, just like Bitcoin and Ethereum. There was a decline below the USD 175 and USD 172 support levels.
The bears even pushed the price below USD 165 and tested the USD 155 support zone. A low was formed at $155 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $173 swing high to the $155 low.
Solana is now trading below $162 and the 100-hour moving average. On the upside, the price is facing resistance around the $160 level. The next major resistance is around the $162 level. There is also a major bearish trendline forming with resistance at $162 on the hourly chart of the SOL/USD pair.
The key resistance could be $165 or the 50% Fib retracement level of the downward move from the $173 swing high to the $155 low. A successful close above the $165 resistance level could set the pace for another steady rise. The next major resistance is $172. Any further gains could send the price towards the USD 180 level.
Lose more in SOL?
If SOL fails to rise above the $165 resistance, the price could continue to decline. The initial downside support is near the USD 155 level. The first major support is near the $150 level.
A break below the $150 level could send the price towards the $135 zone. If there is a close below the $135 support, the price could fall towards the $124 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 155 and USD 150.
Major resistance levels – $162 and $165.