Solana ($SOL ) has continued its downward trajectory, breaking below key support levels at $150 and $142. The price recently touched $128, and it’s currently struggling to initiate a recovery.
Solana (SOL) Price Analysis: Key Support Levels to Watch for a Potential Rebound
Key Points:
SOL has experienced a fresh drop below $150 against the US Dollar.
The price is currently trading under $140 and the 100-hourly simple moving average.
A bearish trend line is forming resistance around $134 on the hourly SOL/USD chart.
A recovery could be possible if the price manages to break above the $138 resistance zone.
Solana’s Decline Continues
Similar to Bitcoin and Ethereum, Solana has seen a notable decline, breaking below the $150 support level. The bearish momentum accelerated as the price dipped under $142, eventually testing the $128 support.
With a low formed around $127.80, SOL is now consolidating its losses. There are early signs of a potential recovery, but the price remains below the 23.6% Fibonacci retracement level from the $147.28 high to the $127.80 low.
Currently, Solana is trading significantly below $140 and the 100-hourly simple moving average. Resistance is anticipated near the $132.50 level, with a bearish trend line offering further resistance around $134 on the hourly chart.
Resistance and Recovery Potential
The next critical resistance lies at the $138 level, corresponding to the 50% Fibonacci retracement of the recent downtrend. If SOL successfully closes above the $134 and $138 levels, it may pave the way for a steady recovery. The next significant resistance level would be near $142, and further gains could push the price towards $150.
Possible Further Declines?
Should SOL fail to break through the $138 resistance, another decline could be on the horizon. Immediate support is at $128, with the first major support at $122. A break below $122 could drive the price down to $115, and if the $115 support is breached, SOL might head towards $100 in the near term.
Technical Indicators:
Hourly MACD: The MACD for SOL/USD is gaining momentum in bearish territory.
Hourly RSI (Relative Strength Index): The RSI for SOL/USD is below 50, indicating weakened buying pressure.
Key Support Levels: $128 and $122
Key Resistance Levels: $134 and $138
Solana is currently facing significant resistance but could see a rebound if it clears key levels. Traders should watch for a potential breakout above $138, which might signal a shift in momentum.
