SOL Price Topside Bias Vulnerable If Solana Continues To Struggle Below $170

Solana attempted a recovery wave above the $140 level. SOL price is now struggling to clear the $160 and $170 resistance levels.

■  SOL price recovered higher and tested the $160 resistance against the US Dollar.

■  The price is now trading below $160 and the 100 simple moving average (4 hours).

■  There is a key bullish trend line forming with support at $146 on the 4-hour chart of the SOL/USD pair (data source from Kraken).

■  The pair could start another decline if it stays below $160 and $170 for a long time.

Solana Price Faces Resistance

Solana price started a major decline below the $170 and $160 support levels. SOL tested the $115 zone and recently started an upside correction, like Bitcoin and Ethereum.

There was a decent increase above the $130 and $140 levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $205 swing high to the $115 low. It even spiked above the $155 zone and the 100 simple moving average (4 hours).

However, the bears are active near the $160 zone and the 50% Fib retracement level of the downward wave from the $205 swing high to the $115 low. The price struggled and corrected gains.

Source: SOLUSD on TradingView.com

Solana is now trading below $160 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $146 on the 4-hour chart of the SOL/USD pair. Immediate resistance is near the $155 level. The next major resistance is near the $160 level. A successful close above the $160 resistance could set the pace for another major increase. The next key resistance is near $170. Any more gains might send the price toward the $188 level.

Another Decline in SOL?

If SOL fails to rally above the $160 resistance, it could start another decline. Initial support on the downside is near the $145 level and the trend line.

The first major support is near the $132 level, below which the price could test $120. If there is a close below the $120 support, the price could decline toward the $100 support in the near term.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone.

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

Major Support Levels – $146, and $132.

Major Resistance Levels – $155, $160, and $170.