Solana climbs uphill: SOL price battles for stability 📈

Solana Price Seeks Recovery: Can SOL Bounce Back?

If you’re following Solana’s price action, you may have noticed that it recently took a hit along with other major cryptocurrencies like Bitcoin and Ethereum. SOL has experienced a decline, dropping below the $160 support level and struggling to gain momentum. Currently, it is hovering below $150, facing some key resistance levels along the way.

Current Situation of SOL Price

As of now, SOL price is consolidating its losses after failing to sustain above $160. Here are some key points to consider:

SOL price is trading below $155 and the 100-hourly simple moving average.
There is a bearish trend line forming with resistance at $150 on the hourly chart of the SOL/USD pair.
The immediate hurdle lies near the $150 level, followed by a major resistance at $152.50.
If SOL manages to surpass the $152.50 resistance, it could signal a potential recovery wave.

Potential Recovery Scenario

Although SOL is currently facing resistance, there is a possibility of a rebound if certain levels are breached. Here’s what to watch out for:

The next significant resistance stands near $157 or the 61.8% Fib retracement level, which could act as a crucial barrier.
A successful break above $152.50 might pave the way for further gains towards the $165 level.

Risks of Further Decline

On the flip side, if SOL fails to overcome the resistance levels, it could face more downside pressure. Here are some key support levels to monitor:

Initial support is at $145, followed by a major support zone near $142.
A break below $135 could lead to a more significant decline towards the $120 support in the short term.

Technical Indicators to Consider

For those closely tracking SOL’s price movements, here are some technical indicators to keep an eye on:

Hourly MACD: The MACD for SOL/USD indicates a bearish trend, losing momentum.
Hourly RSI: The RSI for SOL/USD is currently below the 50 level, reflecting a bearish sentiment.