Solana tried a restoration wave above the $140 degree. SOL value is now struggling to clear the $160 and $170 resistance ranges.
SOL value recovered larger and examined the $160 resistance towards the US Greenback.
The worth is now buying and selling under $160 and the 100 easy shifting common (4 hours).
There’s a key bullish development line forming with help at $146 on the 4-hour chart of the SOL/USD pair (knowledge supply from Kraken).
The pair may begin one other decline if it stays under $160 and $170 for a very long time.
Solana Value Faces Resistance
Solana value began a serious decline under the $170 and $160 help ranges. SOL examined the $115 zone and lately began an upside correction, like Bitcoin and Ethereum.
There was a good improve above the $130 and $140 ranges. The worth climbed above the 23.6% Fib retracement degree of the downward wave from the $205 swing excessive to the $115 low. It even spiked above the $155 zone and the 100 easy shifting common (4 hours).
Nevertheless, the bears are lively close to the $160 zone and the 50% Fib retracement degree of the downward wave from the $205 swing excessive to the $115 low. The worth struggled and corrected positive factors.
Supply: SOLUSD on TradingView.com
Solana is now buying and selling under $160 and the 100 easy shifting common (4 hours). There may be additionally a key bullish development line forming with help at $146 on the 4-hour chart of the SOL/USD pair. Quick resistance is close to the $155 degree. The following main resistance is close to the $160 degree. A profitable shut above the $160 resistance may set the tempo for an additional main improve. The following key resistance is close to $170. Any extra positive factors would possibly ship the value towards the $188 degree.
One other Decline in SOL?
If SOL fails to rally above the $160 resistance, it may begin one other decline. Preliminary help on the draw back is close to the $145 degree and the development line.
The primary main help is close to the $132 degree, under which the value may check $120. If there’s a shut under the $120 help, the value may decline towards the $100 help within the close to time period.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining tempo within the bearish zone.
4-Hours RSI (Relative Energy Index) – The RSI for SOL/USD is under the 50 degree.
Main Assist Ranges – $146, and $132.
Main Resistance Ranges – $155, $160, and $170.
Disclaimer: The article is offered for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your individual analysis earlier than making any funding selections. Use data offered on this web site solely at your individual danger.
