Solana started a new decline below $155 and $150. SOL price tested $140 and is currently trying to start a recovery wave.
- SOL price started a new downward move below $150 against the US Dollar.
- The price is currently trading below $148 and the 100-hour simple moving average.
- On the hourly chart of the SOL/USD pair (data source: Kraken), a short-term descending channel is forming with resistance at $145.50.
- The pair may start a wave of recovery if it breaks the $148 resistance zone.
Solana Price Reaches $140 Again
Solana price started a new decline from well above $155, similar to Bitcoin and Ethereum. SOL picked up the pace and traded below $150. It even tested the $140 support level.
The low was formed at $140.53 and the price is now consolidating losses. There was a small upward move above the $142 and $143 levels. The price has risen above the 23.6% Fib retracement level of the downward move from the $161.95 swing high to the $140.53 low.
Solana is currently trading well below $150 and the 100-hour simple moving average. On the downside, the price is facing resistance near $146. There is also a short-term downward channel forming on the hourly chart of SOL/USD with resistance at $145.50.
The next major resistance is around $148. A successful close above the $148 and $150 resistance levels could set the pace for another solid rally. The next key resistance is around $152, or the 50% Fib retracement level of the downtrend from the $161.95 swing high to $140.53 low. Any further gains could send the price toward the $162 level.
Any other downsides to SOL?
If SOL fails to rise above the $146 resistance, it could start a new decline. Initial support on the downside is around $142. The first major support is around $140.
A break below $140 could send the price towards $132. If the close occurs below the $132 support, the price could decline towards the $125 support in the near future.
Technical indicators
Hourly MACD – MACD for SOL/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
The main support levels are $142 and $140.
The main resistance levels are $146 and $148.
