Solana Price Faces Key Support at $145 Amid Market Decline

Solana (SOL) is currently experiencing a recovery after retesting the $145 support zone, with potential to rise above $150.

SOL declined after failing to surpass $160 against the US Dollar.
Currently trading below $150 and the 100-hourly simple moving average.
A break occurred above a bearish trend line at $147 on the SOL/USD hourly chart.
The price could increase if it clears the $152 resistance level.

Current Price Action

SOL struggled to maintain upward momentum above $160, similar to trends seen in Bitcoin and Ethereum. It fell below the $155 and $152 support levels, dipping to a low of $144 before correcting some losses. The price has moved above the 23.6% Fib retracement level of the decline from $160 to $144.

Resistance near the $150 level persists, with further resistance at $152, close to the 50% Fib retracement level. A successful close above $155 could lead to an increase towards $160, with potential gains aiming for $165.

Downside Risks

If SOL does not surpass $150, another decline may occur. Key support levels are:

Initial support at $145
Major support at $142
A break below $142 could target $136, with further declines possible towards $125.

Technical Indicators:

Hourly MACD shows weakening bearish momentum.
RSI is above the 50 level.
Support: $145, $142
Resistance: $152, $155