Solana declined again and tested the $160 support zone. SOL price is consolidating and could recover if it breaks through the $166 resistance zone.
- SOL price corrected lower and tested the $160 support zone against the US Dollar.
- The price is now trading below $168 and the 100 hourly simple moving average.
- There is a downtrend line connected with resistance at $165 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could break through the $166 resistance unless it manages to stay above $160.
Solana Price eyes takeover
Solana price remained in a short-term bearish zone as Bitcoin And Ethereum. SOL tested the $160 support zone and is now consolidating losses. It is stuck below the $165 level.
There was a slight move above the 23.6% Fibonacci retracement level of the downside move from the $170 high to $161.50 low. Solana price is now trading below $166 and the 100 hourly simple moving average. Immediate resistance is near the $165 level.
There is also a downtrend line forming with resistance at $165 on the hourly chart of the SOL/USD pair. The next major resistance is near the $166 level. A successful close above the $166 resistance could set the tone for another major rise.
The next key resistance is near $168, which is the 61.8% Fibonacci retracement level of the downward move from the $170 high to $161.50 low. Any further gains could push the price towards the $172 level.
More losses in SOL?
If SOL fails to move above the $166 resistance, it could begin a further decline. Initial downside support is near the $162 level.
The first major support is near the $160 level, below which the price could test $155. If there is a close below the $155 support, the price could decline to the $150 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Key support levels – $162 and $160.
Major resistance levels – $166, $168 and $172.
