Solana Price (SOL) Slips to $140: Will This Level Support a Rebound?
12 August 2024 - 7:28AM
NEWSBTC
Solana started a downside correction from the $162 resistance zone.
SOL price is back to $140 and might attempt a fresh increase above
$150. SOL price started a downside correction below the $155 and
$150 levels the US Dollar. The price is now trading below $150 and
the 100-hourly simple moving average. There was a break below a
rising channel with support at $154 on the hourly chart of the
SOL/USD pair (data source from Kraken). The pair could start
another increase if it clears the $150 resistance zone. Solana
Price Trims Gains and Revisit $140 Solana price started a downside
correction after it failed to clear the $162 zone. SOL dipped below
the $155 support level and moved into a short-term bearish zone
like Bitcoin and Ethereum. There was a break below a rising channel
with support at $154 on the hourly chart of the SOL/USD pair. The
pair dipped below the $145 level. It even tested the $140 zone. A
low was formed at $141.29 and the price is now consolidating
losses. Solana is now trading well below $150 and the 100-hourly
simple moving average. On the upside, the price is facing
resistance near the $145 level. It is close to the 23.6% Fib
retracement level of the downward move from the $158 swing high to
the $141 low. The next major resistance is near the $150 level or
the 50% Fib retracement level of the downward move from the $158
swing high to the $141 low. A successful close above the $150
resistance could set the pace for another steady increase. The next
key resistance is near $155. Any more gains might send the price
toward the $162 level. More Downsides in SOL? If SOL fails to rise
above the $150 resistance, it could start another decline. Initial
support on the downside is near the $142 level. The first major
support is near the $140 level. A break below the $140 level might
send the price toward $132. If there is a close below the $132
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 – $142 and $135. Major Resistance Levels – $150 and
$155.
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