Solana failed to stay above $146 and corrected gains. The SOL price is now trading below $145 and could find bids near the $140 zone.
- The SOL price started a downward correction below $145 against the US dollar.
- The price is now trading below $145 and the 100-hour moving average.
- A bullish trendline is forming with support at $141 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could extend losses if it falls below the $140 zone.
Solana price starts downward correction
Solana’s price failed to cross $150 and started a downward correction, just like Bitcoin and Ethereum. SOL fell below USD 146 and USD 145 and entered a bearish zone for the short term.
There was a move below the 61.8% Fib retracement level of the upwave from the $138 swing low to the $149 high. However, the bulls are active above $140. Furthermore, a bullish trendline is forming with support at $141 on the hourly chart of the SOL/USD pair.
Solana is now trading below $145 and the 100-hour moving average. On the upside, the price is facing resistance around the $144 level. The next major resistance is around the $146 level. The key resistance could be at $148. A successful close above the $148 resistance zone could set the pace for another steady rise. The next major resistance is $155. Any further gains could send the price towards the USD 162 level.
Lose more 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 $141 zone and the trendline. The first major support is near the $140 level and the 76.4% Fib retracement level of the upward wave from the $138 swing low to the $149 high.
A break below the $140 level could send the price towards the $132 support zone. If there is a close below the $132 support, the price could fall towards the $124 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 141 and USD 140.
Major resistance levels – $146 and $148.