Can Solana (SOL) Overcome Key Resistance and Ignite a Fresh Increase?

Live Bitcoin News
Updated Jun 3, 2024 05:55
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Solana declined again and tested the $160 support zone. SOL price is consolidating and might recover if it clears the $166 resistance zone.


■SOL price corrected lower and tested the $160 support zone against the US Dollar.

■The price is now trading below $168 and the 100-hourly simple moving average.

■There is a connecting bearish trend line forming with resistance at $165 on the hourly chart of the SOL/USD pair (data source from Kraken).

■The pair could clear the $166 resistance unless it fails to stay above $160.


Solana Price Eyes Recovery


Solana price remained in a short-term bearish zone like Bitcoin and Ethereum. SOL tested the $160 support zone and now consolidating losses. It is stuck below the $165 level.


There was a minor move above the 23.6% Fib retracement level of the downward move from the $170 swing high to the $161.50 low. Solana price is now trading below $166 and the 100-hourly simple moving average. Immediate resistance is near the $165 level.


There is also a connecting bearish trend line forming with resistance at $165 on the hourly chart of the SOL/USD pair. The next major resistance is near the $166 level. A successful close above the $166 resistance could set the pace for another major increase.


Solana Price


The next key resistance is near $168 or the 61.8% Fib retracement level of the downward move from the $170 swing high to the $161.50 low. Any more gains might send the price toward the $172 level.


More Losses in SOL?


If SOL fails to rally above the $166 resistance, it could start another decline. Initial support on the downside is near the $162 level.


The first major support is near the $160 level, below which the price could test $155. 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 losing pace in the bearish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $162, and $160.

Major Resistance Levels – $166, $168, and $172.

* 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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