- Solana price gained bearish momentum below the $150 level against the US Dollar.
The price is now trading below $150 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $155 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 $150 resistance.
The price of Solana is currently bearing a downward trend and is hovering below the $160 mark versus the US Dollar, much like Bitcoin. If Solana fails to surpass the $150 resistance barrier, it may suffer further losses.
Solana (SOL) Price Analysis
The cost of SOL decreased significantly, falling below the $180 mark that previously served as support. With this break, the market took on a bearish tone, driving the price down further past the $162 support level. The selling pressure intensified, causing the price to drop below both the $155 and $150 levels.
After hitting a recent low at around $127.68, the price is currently taking a break to regroup. It’s possible that the price may bounce back and rise above the $135 mark or reach the 23.6% Fibonacci retracement level of the decline from the peak of $156.27 to the low at $127.68.
The price may encounter initial opposition around $142 or the halfway mark in the decline from the peak of $156.27 to the trough of $127.68.
An approaching significant barrier to further price rise lies around the $150 mark. Additionally, a notable downward trendline emerges on the 4-hour chart of SOL/USD, offering resistance close to $155. Overcoming this resistance at $155 could lead to a sustained uptrend.
The next major resistance sits near the $162 level, above which the price might rise toward $180. Any more gains might send SOL price toward the $200 resistance zone.
If the price fails to hold above the $130 mark as support, there’s a risk of a significant decrease in value. This could potentially push the price down to around $115.
Glancing at the graph, the Solana price currently hovers around $150 mark and is under its 4-hour Simple Moving Average. The chart indicates a potential for a rebound, yet gains beyond $150 may be restricted due to the existing resistance.
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 – $130 and $121.
Key Resistance Levels – $142, $150, and $155.
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2024-04-17 08:13