Solana recovery attempt (SOL) is building, but volume still signals caution

Solana started a up-to-date decline below the $162 zone. SOL price is now trying to rebound and is facing obstacles near the $166 zone.

SOL price started a up-to-date decline below $165 and $162 against the US dollar.
The price is currently below $165 and the 100-hour straightforward moving average.
On the hourly chart, the SOL/USD pair broke out above the key bearish trend line with resistance at $155 (data source Kraken).
The price could continue to rise if it reaches $165 and $166.

Solana Price is riding the wave of recovery

Solana’s price failed to stay stable above $175 and began a up-to-date decline, similar to Bitcoin and Ethereum. SOL fell below the $170 and $165 support levels.

The price has gained bearish momentum below $160. The bottom formed at $145, and the price has recently begun a wave of recovery. There has been a move above the 23.6% Fib retracement level as part of a move down from the $188 high to the $145 low.

Additionally, there was a break above the key bearish trend line with resistance at $155 on the hourly chart of the SOL/USD pair. Solana is currently trading below $165 and the 100-hour straightforward moving average.

On the other hand, immediate resistance is located near the $165 level. The next major resistance is located near the $166 level and the 50% Fib retracement level, which is a downward move from the high at $188 to the low of $145. The main resistance could be $172. A successful close above the $172 resistance zone could set the pace for further sustained growth. The next key resistance is $180. Any further gains could push the price towards the $188 level.

Another SOL decline?

If SOL does not break through the resistance at $166, it may continue to decline. Initial downside support is near the $160 zone. The first major support is near the $155 level.

A break below the $155 level could push the price towards the $148 support zone. If a close occurs below the $148 support, the price may drop towards the $142 zone in the near future.

Technical indicators

Hourly MACD – MACD for SOL/USD is losing momentum in a bearish zone.

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

Main support levels – $155 and $148.

Major resistance levels – $165 and $166.