Protect Your SOL: Keep an Eye on $132 Support Level 🚀

Solana Experiences Significant Price Decline

As a crypto enthusiast, you may have noticed that the price of SOL has recently faced a significant decline in value. Here are some key points to consider:

Price Resistance and Decline

The price of SOL experienced a strong decline after facing resistance at the $155 level against the US Dollar.
Currently, the price is trading below $145 and the 100-hourly simple moving average.
A connecting bullish trend line with support at $150 was broken on the hourly chart of the SOL/USD pair sourced from Kraken.
Unless the bulls are able to defend the $132 support level, the pair may continue to correct its losses.

Factors Contributing to the Decline

SOL struggled to surpass the $155 resistance level, leading to a downward reaction.
The price broke below the $150 support level, indicating bearish momentum.
Following the breach of the bullish trend line, a drop towards the $132 support zone occurred.
The price hit a low point at $132.17 before initiating a recovery attempt.

Potential Recovery and Resistance Levels

Currently, SOL is trading below $145 and the 100-hourly simple moving average.
A move above $135 could lead to a test of the 23.6% Fib retracement level from the recent decline.
If there is another uptick, resistance is expected near $138, followed by major resistance at $143.50 and $150.
A successful breakthrough above $143.50 could pave the way for further gains towards $150 and potentially $155.

Possible Scenario of Further Decline

If SOL fails to surpass the $143.50 resistance level, a new downward trend may emerge.
Initial support is anticipated around $135, with a more significant support level near $132.
A breach of $125 could lead to further downside momentum, potentially testing the $112 support level in the near future.

Technical Indicators and Support/Resistance Levels

The hourly MACD for SOL/USD is showing accelerated bearish momentum.
The hourly RSI for SOL/USD is currently below the 50 level, indicating a bearish sentiment.
Key support levels include $135 and $132, while resistance levels are situated at $143.50 and $150.

Hot Take: Stay Informed and Vigilant

As a crypto investor, it’s crucial to stay informed about market trends and developments. Keep an eye on SOL’s price movements and key support/resistance levels to make well-informed decisions. Remember to conduct thorough research and consider multiple factors before making any investment choices in the volatile crypto market. Stay vigilant and adapt to changing conditions to navigate the crypto landscape effectively.