- Solana’s price has fallen below the critical $150 support level and is showing signs of consolidation, indicating a potential recovery if it can break through the $152.50 resistance.
- At present, the SOL price is trading under $160 and beneath the 100-hourly simple moving average.
- A bearish trend line with a significant resistance at $150 is evident on the hourly chart, suggesting a possible recovery path if breached.
Solana struggles below $150 but eyes potential recovery above $152.50 resistance.
Solana Price Poised for Rebound
Currently reflecting a bearish short-term outlook similar to Bitcoin and Ethereum, Solana’s price continued its decline past the $160 support mark. Having settled below $150, SOL is exhibiting a consolidating phase.
The asset experienced a minor bounce above the 23.6% Fibonacci retracement level, moving from the $163.25 high to the $145.03 low. As of now, Solana is priced below $155 and trails under the 100-hourly SMA. The immediate resistance hovers at the $150 mark.
The existing bearish trend line, featuring resistance at $150 on the hourly SOL/USD chart, is crucial. Breaking this barrier at $152.50 could pave the way for substantial recovery.
Post this resistance, the next significant barrier is around $157, which aligns with the 61.8% Fibonacci retracement level of the descending movement from the recent peak of $163.25 to the trough of $145.03. Surpassing these levels could drive SOL towards the $165 resistance zone.
Potential Further Declines?
If Solana fails to climb above the $152.50 resistance level, it might witness another downward spiral. The immediate support on the downside is marked at $145.
Falling past this, the primary support will be at $142. If breached, SOL could potentially plunge towards $135. A close under this support may result in the price tumbling to the $120 level in the near future.
Conclusion
To sum up, Solana’s current price trend presents a mixed outlook. Breaching the $152.50 resistance could trigger a bullish wave, driving the price towards the $165 mark. However, failing to do so might result in further declines, testing key supports at $145 and $142. Investors must closely monitor these pivotal levels for potential market movements.
