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Solana (SOL) Struggles to Rebound, $165 Level Proves Tough to Crack

Solana began a contemporary decline under the $165 pivot zone. SOL value is now making an attempt to get better and faces hurdles close to the $165 zone.

  • SOL value began a contemporary decline under $162 and $160 in opposition to the US Dollar.
  • The value is now buying and selling under $162 and the 100-hourly easy shifting common.
  • There is a brand new bearish pattern line forming with resistance at $159 on the hourly chart of the SOL/USD pair (information supply from Kraken).
  • The value may proceed to transfer up if it clears $160 and $162.

Solana Price Faces Hurdles

Solana value prolonged losses under $150 earlier than the bulls appeared, like Bitcoin and Ethereum. SOL examined the $145 zone and just lately began a restoration wave.

There was a transfer above the $150 and $155 resistance ranges. The value climbed above the 23.6% Fib retracement stage of the downward transfer from the $188 swing high to the $145 low. However, the bears remained energetic close to the $162-$165 resistance zone.

Besides, there’s a new bearish pattern line forming with resistance at $159 on the hourly chart of the SOL/USD pair. Solana is now buying and selling under $162 and the 100-hourly easy shifting common.

On the upside, instant resistance is close to the $160 stage and the pattern line. The subsequent main resistance is close to the $162 stage. The major resistance could possibly be $165. A profitable shut above the $165 resistance zone may set the tempo for an additional regular improve.

The subsequent key resistance is $172 and the 61.8% Fib retracement stage of the downward transfer from the $188 swing high to the $145 low. Any extra beneficial properties may ship the worth towards the $180 stage.

Another Decline In SOL?

If SOL fails to rise above the $160 resistance, it may proceed to transfer down. Initial help on the draw back is close to the $150 zone. The first main help is close to the $145 stage.

A break under the $145 stage may ship the worth towards the $138 help zone. If there’s a shut under the $138 help, the worth may decline towards the $130 zone 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 stage.

Major Support Levels – $150 and $145.

Major Resistance Levels – $160 and $165.

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