- Solana price gained bearish momentum below the $140 level against the US Dollar.
The price is now trading below $132 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $130 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 $145 resistance.
As a researcher with experience in cryptocurrency market analysis, I see Solana (SOL) trading in a bearish zone below the $140 level against the US Dollar. The recent decline has pushed the price below key support levels, including $132 and $125, and it’s now trading below the 55 simple moving average on the 4-hour chart.
The price of Solana is currently bearing a downtrend and hovering below the $140 mark versus the US Dollar, similar to Bitcoin‘s trend. If Solana fails to surpass the resistance level at $145, it may continue shedding losses.
Solana (SOL) Price Analysis
The cost of SOL took a downturn, dipping beneath the $150 mark that previously served as support. With this breach, selling pressure intensified, causing the price to plummet further below the $140 support zone. Eventually, the bears succeeded in driving the price down past the $132 and $125 support levels.
As a crypto investor, I’ve noticed that the price took a hit and reached its recent low around $121. Now, it appears to be consolidating those losses. It’s plausible that we might see an uptrend trying to regain some ground above the $125 mark or even surpassing the 23.6% Fibonacci retracement level of the downward trend from the peak at $159.78 to the trough at $121.00.
The price of Solana against the US Dollar is showing some positive signs, as it encounters resistance around the $130 mark on its 4-hour chart. Additionally, a significant bearish trendline is emerging and can be found just above the $130 level.
As a researcher studying the price movements of Solana (SOL), I’ve identified the next significant resistance level to be around $134. Breaking through this barrier could lead to a steady upward trend. Further up, there’s another resistance at approximately $145 or the 61.8% Fibonacci retracement level of the price drop from the $159.78 peak to the $121.00 trough. Surpassing this hurdle might push SOL prices toward the $155 mark. Any additional gains could potentially propel the token towards the resistance zone around $172.
If the price fails to hold above the $120 mark as support, there’s a risk of a significant price decrease. This could potentially push the price down towards the $105 region.
Glancing at the graph, the Solana price currently hovers around $135, which is beneath both the $140 mark and the 4-hour Simple Moving Average (SMA). Although there’s a potential for price recovery, any gains above the $145 resistance could be minimal.
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 – $120 and $105.
Key Resistance Levels – $130, $134, and $145.
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2024-05-01 08:37