Solana (SOL) Price Consolidates Below $150 with Risk of Further Declines
Solana (SOL) Price Analysis
- SOL price declined from the $155 zone, currently consolidating near $145.
- The price is trading below $150 and the 100-hourly simple moving average.
- A rising channel pattern is forming with support at $144 on the hourly chart.
- A breakout above $148 could initiate a new upward trend.
Price Movements
- Recent high formed at $153.90 before a decline to a low of $142.64.
- Minor recovery observed above the 23.6% Fib retracement level.
- Resistance levels: $147, $150, and major resistance at $155.
- Successful close above $155 may target $165 and potentially $180.
Potential Risks
- If SOL fails to surpass $150, further declines may occur.
- Initial support at $145; major support at $142 and potential drop to $135.
- A close below $135 could see SOL decline toward $122.
Technical Indicators
- Hourly MACD shows increasing bearish momentum.
- RSI is below the 50 level, indicating weakness.