- Solana price gained bearish momentum below the $185 level against the US Dollar.
The price is now trading below $180 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $176.50 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
The pair could recover, but the upsides might be limited above the $180 resistance.
The price of Solana is currently in a short-term bearish trend and is hovering below the $180 mark against the US Dollar, similar to Bitcoin. If Solana fails to surpass the resistance level at $180, it may continue to decline further.
Solana (SOL) Price Analysis
SOL price started a fresh decline below the $200 support zone. The price gained bearish momentum below the $192 support zone. The bears were able to push the price below the $180 and $172 support levels.
Near $168.99, a price dip took place and now the cost is stabilizing after incurring losses. It looks promising that the price may try to bounce back above the $170 mark or reach the 23.6% Fibonacci retracement level of the decline from the peak of $184.63 to the trough of $168.99.
The good news is that the SOL/USD pair may encounter resistance around $175 and $176.50 on its 4-hour chart, with the latter marking the potential formation of a bearish trend line.
The trend line lies close to the 50% Fibonacci retracement mark of the price drop from the peak of $184.63 to the low of $168.99. The next significant barrier is around $180. If the price breaks above this hurdle, it may lead to a continuous climb upwards.
The price of SOL may encounter its next significant barrier around $192. If it manages to surpass this level, the price could potentially reach $195. Further growth might push the price towards the resistance area of $200.
If the price fails to hold above the initial support of around $168, there’s a risk of a significant decrease in value. Should the support at $168 give way, the price could potentially fall as low as $150.
Examining the graph, the Solana price currently hovers around $17x, which is under both its 4-hour Simple Moving Average and the $180 mark. Although there’s potential for a rebound, any gains may be capped by the strong resistance at $180.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $168 and $160.
Key Resistance Levels – $176.50, $180, and $192.
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2024-04-10 08:30