Solana restricted gains and was trading below the $172 support zone. SOL price is consolidating and may have difficulty breaking above the resistance at $165.
- SOL price started a fresh decline after struggling near the $175 zone against the US dollar.
- The price is currently below $170 and the 100-hour uncomplicated moving average.
- A key bearish trend line is forming on the hourly chart of the SOL/USD pair with resistance at $162 (data source from Kraken).
- The pair could start a decent move higher if it holds above the $155 and $150 support levels.
Solana’s price increases losses
Solana price struggled to overcome the resistance at $180 and began a fresh decline, similar to Bitcoin and Ethereum. There has been a decline below the support levels at $175 and $172.
The bears even pushed the price below $165 and tested the $155 support zone. The bottom formed at $155, and the price is currently consolidating losses below the 23.6% Fib retracement level resulting from the move down from the high of $173 to the low of $155.
Solana is currently trading below $162 and the 100-hour uncomplicated moving average. On the other hand, the price faces resistance near the $160 level. The next major resistance is near the $162 level. A key bearish trend line is also forming on the hourly chart of SOL/USD with resistance at $162.
The main resistance could be $165 or the 50% Fib retracement level for a move down from the $173 high to the $155 low. A successful close above the $165 resistance level could set the pace for further sustained growth. The next key resistance is $172. Any further gains could push the price towards the $180 level.
More losses in SOL?
If SOL fails to break above the resistance at $165, it may continue to decline. Initial downside support is near the $155 level. The first major support is near the $150 level.
A break below the $150 level could push the price towards the $135 zone. If a close occurs below the $135 support, the price could drop towards the $124 support 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 below the 50 level.
Main support levels – $155 and $150.
Major resistance levels – $162 and $165.
