Solana Price Analysis: Can SOL Recover?
As a crypto investor, you are closely monitoring the price movements of Solana (SOL) against the US Dollar. Recently, SOL price experienced a significant decline below key support levels, including $180 and $160. The price dropped by over 20% and fell below the $150 mark, reaching a low near $110. However, there are signs of a potential recovery taking place.
Solana Price Starts Recovery 📈
The recent downtrend in SOL price saw it dropping below $150 and the 100 simple moving average (4 hours) on the chart. Nonetheless, there has been a slight uptick in price, with immediate resistance lying around the $150 level. The next major resistance hurdle is at $160, where a key bearish trend line is forming.
- A low was formed at $115.04 before the current recovery wave began.
- Price has surged past $125 and $132 levels, overcoming the 23.6% Fib retracement level of the previous downward move from $204 to $115.
- Resistance is forming at $160, with a trend line near the 61.8% Fib retracement level, indicating a potential bullish breakout if breached.
Are Dips Supported in SOL? 📉
However, if SOL fails to break above the $160 resistance level, it might see another downtrend. Initial support can be found at $140, with significant support at $132. A further decline could test the $125 level, with a possible drop to $115 in the near future if the $125 support is breached.
Technical Indicators
For SOL/USD, the 4-hour MACD shows bullish momentum, while the RSI is currently below 50, indicating a neutral stance.
- Major Support Levels: $140, $132
- Major Resistance Levels: $150, $160, $182
Hot Take: Stay Tuned for SOL’s Price Movement 🚀
Keep an eye on Solana’s price action in the coming days, as it navigates through key resistance levels and attempts to establish a solid recovery trend. Whether SOL can break above $160 and sustain its upward momentum remains to be seen, but with the current technical indicators showing potential for a bullish breakout, there is hope for a positive price movement in the near term.
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