2 September 2024
Solana started a fresh decline below $150 and $142. SOL price tested $128 and is currently struggling to start a recovery wave.
SOL price started a fresh downward move below $150 against the US Dollar.
The price is now trading below $140 and the 100-hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $134 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could start a recovery wave if it clears the $138 resistance zone.
Solana Price Extends Losses
Solana price started a fresh decline below the $150 support like Bitcoin and Ethereum. SOL gained pace and traded below the $142 level. It even tested the $128 support level.
A low was formed at $127.80 and the price is now consolidating losses. The price is showing some signs of a recovery wave, but it is still below the 23.6% Fib retracement level of the downward move from the $147.28 swing high to the $127.80 low.
Solana is now trading well below $140 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $132.50 level. There is also a connecting bearish trend line forming with resistance at $134 on the hourly chart of the SOL/USD pair.
The next major resistance is near the $138 level or the 50% Fib retracement level of the downward move from the $147.28 swing high to the $127.80 low. A successful close above the $134 and $138 resistance levels could set the pace for another steady increase. The next key resistance is near $142. Any more gains might send the price toward the $150 level.
More Downsides in SOL?
If SOL fails to rise above the $138 resistance, it could start another decline. Initial support on the downside is near the $128 level. The first major support is near the $122 level.
A break below the $122 level might send the price toward $115. If there is a close below the $115 support, the price could decline toward the $100 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $128 and $122.
Major Resistance Levels – $134 and $138.