Solana’s Tough Climb: SOL Price Struggles to Find Solid Ground

Solana (SOL) has been facing a tough climb as its price struggles to find solid ground. The cryptocurrency recently extended its losses below the $150 support zone and is currently consolidating. However, there is potential for a recovery if it manages to clear the $152.50 resistance level.

SOL’s price has declined even further, trading below $160 and the 100-hourly simple moving average. On the hourly chart of the SOL/USD pair, there is a connecting bearish trend line forming with resistance at $150. This resistance level needs to be overcome for a short-term recovery wave to take place.

Despite remaining in a short-term bearish zone, Solana’s price did see a minor move above the 23.6% Fibonacci retracement level. However, it is still trading below $155 and the 100-hourly simple moving average. Immediate resistance is near the $150 level, followed by the major resistance at $152.50. If the price manages to close above this level, it could lead to another significant increase.

Further resistance levels to watch out for are near $157 and the 61.8% Fibonacci retracement level. If SOL continues to gain momentum, it could reach the $165 level. However, if it fails to rally above the $152.50 resistance, another decline could be in store. Initial support on the downside is near $145, with the first major support at $142. Below that, the price could test $135, and if it closes below this support level, it might decline toward $120 in the near term.

Looking at the technical indicators, the MACD for SOL/USD is currently in the bearish zone and losing pace. The hourly RSI (Relative Strength Index) is also below the 50 level, indicating bearish momentum.

In summary, the price of Solana (SOL) has been struggling to find solid ground, but there is a possibility of recovery if it can overcome the $152.50 resistance level. However, if the resistance holds, another decline could occur with support levels at $145 and $142. Traders should closely monitor these key levels to gauge the future direction of SOL’s price.