Solana (SOL) Price Analysis: Will SOL Rebound from $140 Support?
Recently, Solana (SOL) price saw a fresh downward trend, dipping below $150 against the US Dollar. The current trading price is below $148, falling below the 100-hourly simple moving average. Here are the key points to consider about the current price action of SOL:
- A fresh decline from above $155, following Bitcoin and Ethereum’s trend.
- Testing the $140 support level after reaching a low of $140.53.
- Consolidating losses with a minor upward move above $142 and $143.
- Facing resistance near $146 with a short-term declining channel at $145.50.
Solana Facing Resistance Levels
Solana price dropped below $150 and is now challenging the 100-hourly moving average. While the price managed a slight recovery above $142 and $143, it is struggling to surpass the $146 resistance level. Additionally, a short-term declining channel has formed with resistance at $145.50 on the hourly chart.
The next major hurdle for SOL is near $148. If the price successfully closes above $148 and $150 resistance levels, it could pave the way for a more significant uptrend. The following key resistance is around $152 or the 50% Fib retracement level from the recent swing high to low. Further gains may lead SOL towards $162.
Potential Downside Risks for SOL
If SOL fails to breakthrough above the $146 resistance barrier, it might trigger another downtrend. The immediate support lies at $142, followed by a crucial support level at $140. A breakthrough below $140 could drive the price towards $132, with a potential further decline to $125 in the short term.
Technical Indicators for SOL
- Hourly MACD – Showing an increase in bearish momentum for SOL/USD.
- Hourly RSI (Relative Strength Index) – Below the 50 level, indicating a bearish sentiment for SOL/USD.
- Major Support Levels – $142 and $140.
- Major Resistance Levels – $146 and $148.
Hot Take: Will SOL Rebound or Continue Falling?
As Solana faces critical resistance levels and the possibility of a downward trend, it remains to be seen whether SOL can bounce back from the $140 support level. Traders are closely monitoring key price levels to gauge the next direction for SOL. Keep an eye on the $146 and $148 resistance areas for potential bullish momentum or a break below $140 for bearish continuation.
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