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Solana (SOL) Nosedives to $150, Can Bulls Prevent Further Collapse?

Solana began a contemporary decline under the $165 zone. SOL worth is now consolidating losses under $165 and may decline additional under $150.

  • SOL worth began a contemporary decline under $165 and $162 towards the US Dollar.
  • The worth is now buying and selling under $165 and the 100-hourly easy shifting common.
  • There is a key bearish pattern line forming with resistance at $158 on the hourly chart of the SOL/USD pair (information supply from Kraken).
  • The worth might begin a restoration wave if the bulls defend $150 or $145.

Solana Price Dips Heavily

Solana worth failed to stay secure above $180 and began a contemporary decline, like Bitcoin and Ethereum. SOL declined under the $175 and $165 help ranges.

The worth gained bearish momentum under $160. A low was shaped at $145, and the value is now consolidating losses. The worth recovered a number of factors above the 23.6% Fib retracement degree of the downward transfer from the $188 swing high to the $145 low.

Solana is now buying and selling under $160 and the 100-hourly easy shifting common. On the upside, instant resistance is close to the $158 degree. There can be a key bearish pattern line forming with resistance at $158 on the hourly chart of the SOL/USD pair.

The subsequent main resistance is close to the $162 degree. The important resistance may very well be $166 and the 50% Fib retracement degree of the downward transfer from the $188 swing high to the $145 low. A profitable shut above the $166 resistance zone might set the tempo for one more regular improve. The subsequent key resistance is $175. Any extra positive aspects may ship the value towards the $180 degree.

Another Decline In SOL?

If SOL fails to rise above the $166 resistance, it might proceed to transfer down. Initial help on the draw back is close to the $155 zone. The first main help is close to the $150 degree.

A break under the $150 degree may ship the value towards the $145 help zone. If there’s a shut under the $145 help, the value might decline towards the $132 help within the close to time period.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining tempo within the bearish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is under the 50 degree.

Major Support Levels – $155 and $150.

Major Resistance Levels – $162 and $166.

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