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Solana (SOL) Hints at Bearish Shift: Is Drop on The Horizon?

Solana (SOL) Hints at Bearish Shift: Is Drop on The Horizon? WikiBit 2024-11-05 16:37

Solana trimmed gains and traded below the $172 support zone. SOL price is consolidating and might st

Solana trimmed gains and traded below the $172 support zone. SOL price is consolidating and might struggle to recover above the $165 resistance.

  • SOL price started a fresh decline after it struggled near the $175 zone against the US Dollar.
  • The price is now trading below $170 and the 100-hourly simple moving average.
  • There is a key bearish trend line forming with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could start a decent upward movement if it stays above the $155 and $150 support levels.

Solana Price Extends Losses

Solana price struggled to clear the $180 resistance and started a fresh decline like Bitcoin and Ethereum. There was a drop below the $175 and $172 support levels.

The bears even pushed the price below $165 and tested the $155 support zone. A low was formed at $155 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $173 swing high to the $155 low.

Solana is now trading below $162 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $160 level. The next major resistance is near the $162 level. There is also a key bearish trend line forming with resistance at $162 on the hourly chart of the SOL/USD pair.

The main resistance could be $165 or the 50% Fib retracement level of the downward move from the $173 swing high to the $155 low. A successful close above the $165 resistance level could set the pace for another steady increase. The next key resistance is $172. Any more gains might send the price toward the $180 level.

More Losses in SOL?

If SOL fails to rise above the $165 resistance, it could continue to move down. Initial support on the downside is near the $155 level. The first major support is near the $150 level.

A break below the $150 level might send the price toward the $135 zone. If there is a close below the $135 support, the price could decline toward the $124 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is losing pace in the bearish zone.

Hourly Hours 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.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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