Solana has been facing a difficult time trying to break past the $160 and $170 resistance levels. Despite attempting a recovery wave above $140, the price of SOL is now trading below $160 and the 100 simple moving average (4 hours). This struggle to clear crucial resistance levels is hindering the potential for a significant rally in the near future.
Key Support and Resistance Levels
There is a key bullish trend line forming with support at $146 on the 4-hour chart of the SOL/USD pair. Immediate resistance is near the $155 level, with the next major resistance lying around $160. A successful close above the $160 resistance could pave the way for a substantial increase in price, potentially leading to a move towards the $170 and $188 levels. However, if SOL fails to rally above the $160 resistance, there is a risk of another decline.
Looking at the technical indicators, the MACD for SOL/USD is gaining pace in the bearish zone, indicating a potential downward trend. The RSI for SOL/USD is currently below the 50 level, further confirming the bearish sentiment in the market. Major support levels for SOL are seen at $146 and $132, while major resistance levels are at $155, $160, and $170.
Solana is currently facing challenges in breaking past key resistance levels and is at risk of another decline if it fails to rally above $160. Traders and investors should closely monitor the price action of SOL and conduct their own research before making any investment decisions. The volatility in the cryptocurrency market poses risks, and it is important for individuals to be aware of these risks before committing to any trades or investments.
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