Solana (SOL) Hints at Downside Correction: Can It Hold Key Support?
23 Outubro 2024 - 2:08AM
NEWSBTC
Solana struggled to clear the $172 resistance zone. SOL price is
correcting gains and might soon test the $162 support zone. SOL
price is correcting gains from the $172 resistance zone against the
US Dollar. The price is now trading above $162 and the 100-hourly
simple moving average. There was a break below a connecting bullish
trend line with support at $166 on the hourly chart of the SOL/USD
pair (data source from Kraken). The pair could revisit the $162
support zone before the bulls take a stand. Solana Price Eyes
Retest of Support Solana price climbed above the $150 and $155
levels. SOL gained pace after there was a close above the $162
resistance level. However, the bears were active near the $172
zone. The price started a downside correction from the $171 high
like Bitcoin and Ethereum. There was a move below the $168 level.
The price declined below the 50% Fib retracement level of the
upward move from the $161.23 swing low to the $171.00 high.
Besides, there was a break below a connecting bullish trend line
with support at $166 on the hourly chart of the SOL/USD pair.
Solana is now trading above $162 and the 100-hourly simple moving
average. On the upside, the price is facing resistance near the
$168 level. The next major resistance is near the $170 level. The
main resistance could be $172. A successful close above the $170
and $172 resistance levels could set the pace for another steady
increase. The next key resistance is $180. Any more gains might
send the price toward the $188 level. More Losses in SOL? If SOL
fails to rise above the $170 resistance, it could start another
decline. Initial support on the downside is near the $164 level or
the 76.4% Fib retracement level of the upward move from the $161.23
swing low to the $171.00 high. The first major support is near the
$162 level. A break below the $162 level might send the price
toward the $155 zone. If there is a close below the $155 support,
the price could decline toward the $150 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 – $164 and $162. Major Resistance Levels – $168 and $172.
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