Key Points for Solana Price Analysis
Solana price remains below the $142 resistance against the US Dollar, currently trading under $130 and the 100-hourly simple moving average. There is a bearish trend line forming with resistance at $130 on the hourly chart of the SOL/USD pair, indicating potential further losses if the $122.50 support area is breached.
Overview of Solana Price Movement
Despite attempting a recovery wave above $132, SOL price faced resistance, leading to a drop below $130 and $125 support levels. The current downtrend saw the price hit a low of $123.24, trading below $130 and the 100-hourly simple moving average with a bearish trend line forming resistance at $130 on the hourly chart of the SOL/USD pair. If a recovery wave occurs, resistance levels to watch include $126.50, $128.50, and $130.00.
Potential for Further Losses in SOL
If SOL fails to break above the $130.00 resistance, a downside move is possible. Initial support lies at $123.50, followed by a major support at $122.00, with potential further decline towards $120.00 and $112.50 in the short term. Key resistance levels to surpass for a bullish momentum are at $126.50, $130.00, and $132.50.
Technical Indicators for SOL Price
- Hourly MACD β The MACD for SOL/USD shows an increasing bearish trend.
- Hourly RSI β The RSI for SOL/USD is below 20, indicating bearish momentum.
Key Price Levels for Solana
- Major Support Levels β $122.00, and $120.00.
- Major Resistance Levels β $126.50, $130.00, and $132.50.
Hot Take: Stay Cautious with Solana Price Movements
As Solana’s price struggles to break above key resistance levels and faces downward pressure, it is essential to monitor the $130.00 level for a potential bullish breakout or further downside towards $120.00 support. Keep an eye on technical indicators like MACD and RSI for insights into market sentiment and trade accordingly.
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