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Solana (SOL) Slips Back to Support, Setting Up a High-Tension Test

Solana failed to keep above $146 and corrected good points. SOL worth is now buying and selling beneath $145 and may discover bids close to the $140 zone.

  • SOL worth began a draw back correction beneath $145 towards the US Dollar.
  • The worth is now buying and selling beneath $145 and the 100-hourly easy transferring common.
  • There is a bullish development line forming with help at $141 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
  • The pair may lengthen losses if it dips beneath the $140 zone.

Solana Price Starts Downside Correction

Solana worth failed to surpass $150 and began a draw back correction, like Bitcoin and Ethereum. SOL dipped beneath $146 and $145 to enter a short-term bearish zone.

There was a transfer beneath the 61.8% Fib retracement stage of the upward wave from the $138 swing low to the $149 high. However, the bulls are energetic above $140. Besides, there may be a bullish development line forming with help at $141 on the hourly chart of the SOL/USD pair.

Solana is now buying and selling beneath $145 and the 100-hourly easy transferring common. On the upside, the value is dealing with resistance close to the $144 stage. The subsequent main resistance is close to the $146 stage. The predominant resistance could possibly be $148. A profitable shut above the $148 resistance zone may set the tempo for one more regular improve. The subsequent key resistance is $155. Any extra good points may ship the value towards the $162 stage.

More Losses In SOL?

If SOL fails to rise above the $146 resistance, it may begin one other decline. Initial help on the draw back is close to the $141 zone and the development line. The first main help is close to the $140 stage and the 76.4% Fib retracement stage of the upward wave from the $138 swing low to the $149 high.

A break beneath the $140 stage may ship the value towards the $132 help zone. If there may be a shut beneath the $132 help, the value may decline towards the $124 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 beneath the 50 stage.

Major Support Levels – $141 and $140.

Major Resistance Levels – $146 and $148.

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