Solana Price (SOL) Slips: Will a Break Below $140 Trigger More Downside?
29 Agosto 2024 - 2:28AM
NEWSBTC
Solana started a fresh decline below $155 and $150. SOL price
tested $140 and is currently struggling to start a recovery wave.
SOL price started a fresh downward move below $150 against the US
Dollar. The price is now trading below $148 and the 100-hourly
simple moving average. There is a short-term declining channel
forming with resistance at $145.50 on the hourly chart of the
SOL/USD pair (data source from Kraken). The pair could start a
recovery wave if it clears the $148 resistance zone. Solana Price
Revisits $140 Solana price started a fresh decline from well above
$155 like Bitcoin and Ethereum. SOL gained pace and traded below
the $150 level. It even tested the $140 support level. A low was
formed at $140.53 and the price is now consolidating losses. There
was a minor upward move above the $142 and $143 levels. The price
climbed above the 23.6% Fib retracement level of the downward move
from the $161.95 swing high to the $140.53 low. Solana is now
trading well below $150 and the 100-hourly simple moving average.
On the upside, the price is facing resistance near the $146 level.
There is also a short-term declining channel forming with
resistance at $145.50 on the hourly chart of the SOL/USD pair. The
next major resistance is near the $148 level. A successful close
above the $148 and $150 resistance levels could set the pace for
another steady increase. The next key resistance is near $152 or
the 50% Fib retracement level of the downward move from the $161.95
swing high to the $140.53 low. Any more gains might send the price
toward the $162 level. More Downsides in SOL? If SOL fails to rise
above the $146 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 $125 support in the
near term. Technical Indicators Hourly MACD – The MACD for SOL/USD
is gaining 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 $140. Major Resistance Levels – $146 and
$148.
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