Solana (SOL) Price Analysis: Price Dips 50%, Can It Recover?

Live Bitcoin News
Updated Apr 18, 2024 01:13
Mitrade

■  Solana price gained bearish momentum below the $150 level against the US Dollar.

■  The price is now trading below $150 and the 55 simple moving average (4 hours).

■  There is a key bearish trend line forming with resistance near $155 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).

■  The pair could recover, but the upsides might be limited above the $150 resistance.


Solana price is trading in a bearish zone below $160 against the US Dollar, like Bitcoin. SOL could extend losses if it stays below the $150 resistance zone.


Solana (SOL) Price Analysis


SOL price started a fresh decline below the $180 support zone. The price gained bearish momentum below the $162 support zone. The bears were able to push the price below the $155 and $150 support levels.


The recent low was formed near $127.68 and the price is now consolidating losses. It seems like the price might attempt a recovery wave above the $135 level or the 23.6% Fib retracement level of the downward move from the $156.27 swing high to the $127.68 low.


On the upside, immediate resistance is near the $142 level or the 50% Fib retracement level of the downward move from the $156.27 swing high to the $127.68 low.


The next major resistance is near the $150 level. There is also a key bearish trend line forming with resistance near $155 on the 4-hour chart of the SOL/USD pair. A clear move above the $155 resistance level might call for a steady increase.


The next major resistance sits near the $162 level, above which the price might rise toward $180. Any more gains might send SOL price toward the $200 resistance zone.


On the downside, initial support is near the $130 level. A downside break below the $130 support level might spark a major drop. In the stated case, the price may perhaps decline toward the $115 level.


Looking at the chart, Solana price is trading below $150 and the 55 simple moving average (4 hours). Overall, the price could recover, but the upsides might be limited above the $150 resistance.


Technical Indicators


4 hours MACD – The MACD is now gaining momentum in the bearish zone.


4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.


Key Support Levels – $130 and $121.


Key Resistance Levels – $142, $150, and $155.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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