Analysis

SOL Price Dump and Pump, Can Solana Overcome Selling Pressure?

Solana tumbled and declined towards $110. SOL worth is now correcting losses above $140 and dealing with hurdles close to the $160 resistance zone.

  • SOL worth gained bearish momentum and declined beneath $150 in opposition to the US Greenback.
  • The value is now buying and selling beneath $160 and the 100 easy shifting common (4 hours).
  • There’s a key bearish development line forming with resistance at $160 on the 4-hour chart of the SOL/USD pair (knowledge supply from Kraken).
  • The pair may proceed to get well if it clears the $150 and $160 resistance ranges.

Solana Value Begins Restoration

Solana worth began a significant decline beneath the $180 and $160 help ranges. SOL declined over 20% and even tumbled beneath the $150 stage. Lastly, the bulls appeared close to $110.

A low was shaped at $115.04 and the value is now making an attempt a restoration wave like Bitcoin and Ethereum. There was a good improve above the $125 and $132 ranges. The value cleared the 23.6% Fib retracement stage of the downward transfer from the $204 swing excessive to the $115 low.

Solana is now buying and selling beneath $150 and the 100 easy shifting common (4 hours). Speedy resistance is close to the $150 stage. The following main resistance is close to the $160 stage.

SOL Price

Supply: SOLUSD on TradingView.com

There’s additionally a key bearish development line forming with resistance at $160 on the 4-hour chart of the SOL/USD pair. The development line is close to the 61.8% Fib retracement stage of the downward transfer from the $204 swing excessive to the $115 low. A profitable shut above the $160 resistance may set the tempo for an additional main improve. The following key resistance is close to $182. Any extra positive factors may ship the value towards the $200 stage.

Are Dips Supported 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 $140 stage.

The primary main help is close to the $132 stage, beneath which the value may take a look at $125. If there’s a shut beneath the $125 help, the value may decline towards the $115 help within the close to time period.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.

4-Hours RSI (Relative Power Index) – The RSI for SOL/USD is beneath the 50 stage.

Main Assist Ranges – $140, and $132.

Main Resistance Ranges – $150, $160, and $182.

Disclaimer: The article is offered for instructional 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 personal analysis earlier than making any funding selections. Use info offered on this web site fully at your personal threat.

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