Solana Price Struggles Below $165 Resistance Amid Bearish Trend
Solana (SOL) is trading below the $172 support zone, facing challenges to recover above the $165 resistance.
- SOL price declined after failing to maintain levels near $175 against the US Dollar.
- The price is currently below $170 and the 100-hourly simple moving average.
- A key bearish trend line is forming with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could initiate a significant upward movement if it remains above the $155 and $150 support levels.
Solana Price Extends Losses
Solana struggled to surpass the $180 resistance and began a new decline, similar to Bitcoin and Ethereum. The price fell below the $175 and $172 support levels.
Bears drove the price below $165, testing the $155 support zone, where a low was established. Currently, the price consolidates losses below the 23.6% Fibonacci retracement level from the $173 swing high to the $155 low.
Solana is trading below $162 and the 100-hourly simple moving average. Resistance is present near the $160 level, with major resistance at $162. A bearish trend line also shows resistance at $162 on the hourly chart.
The primary resistance may be at $165 or the 50% Fibonacci retracement level from the $173 swing high to the $155 low. A close above $165 could lead to further increases, targeting the next resistance at $172, with potential gains toward $180.
More Losses in SOL?
If SOL does not rise above the $165 resistance, it may continue to decrease. Initial support is around the $155 level, with major support near $150.
A drop below $150 might push the price toward the $135 zone. A close below $135 could result in a decline toward the $124 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $155 and $150.
Major Resistance Levels – $162 and $165.