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Solana (SOL) Recovery At Risk With Bears Guarding Resistance

Source Newsbtc

Solana failed to settle above $140 and nosedived. SOL price is now consolidating losses below $135 and might struggle to start a recovery wave.

SOL price started a fresh decline below $136 and $135 against the US Dollar.
The price is now trading below $135 and the 100-hourly simple moving average.
There is a key bearish trend line forming with resistance at $138 on the hourly chart of the SOL/USD pair (data source from Kraken).
The price could start a recovery wave if the bulls defend $128 or $125.

Solana Price Dips Further

Solana price failed to remain stable above $140 and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $138 and $135 support levels.

The price gained bearish momentum below $132. A low was formed at $124, and the price is now consolidating losses. The price recovered a few points and climbed above the 23.6% Fib retracement level of the downward move from the $143 swing high to the $124 low.

Solana is now trading below $135 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $134 level or the 50% Fib retracement level of the downward move from the $143 swing high to the $124 low.

The next major resistance is near the $136 level. The main resistance could be $138. There is also a key bearish trend line forming with resistance at $138 on the hourly chart of the SOL/USD pair. A successful close above the $138 resistance zone could set the pace for another steady increase. The next key resistance is $144. Any more gains might send the price toward the $150 level.

Another Decline In SOL?

If SOL fails to rise above the $133 resistance, it could continue to move down. Initial support on the downside is near the $129 zone. The first major support is near the $125 level.

A break below the $125 level might send the price toward the $120 support zone. If there is a close below the $120 support, the price could decline toward the $112 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 above the 50 level.

Major Support Levels – $129 and $125.

Major Resistance Levels – $133 and $138.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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