Solana extended losses below the $150 support zone. SOL price is consolidating and may recover if it breaks the resistance zone at $152.50.

• The price of SOL dropped further and even reached below $150 against the US dollar.
• The price is currently below $160 and the 100-hour basic moving average.
• On the hourly chart of the SOL/USD pair, a connecting bearish trend line is forming with resistance at $150 (data source from Kraken).
• The pair could break through the resistance at $152.50 to start a near-term rally.

Eye Recovery Solana Price

Solana price remained in a short-term bear zone like Bitcoin and Ethereum. SOL extended losses below the $160 support zone and is currently consolidating losses. It is stuck below the $150 level.

There was a slight move above the 23.6% Fib retracement level resulting from a downward move from the high of $163.25 to the low of $145.03. Solana is currently trading below $155 and the 100-hour basic moving average. Immediate resistance is near the $150 level.

A connecting bearish trend line is also forming on the hourly chart of SOL/USD with resistance at $150. The next major resistance is near the $152.50 level. A successful close above the resistance at $152.50 could set the pace for another significant rally.

The next key resistance is located near $157 or the 61.8% Fib retracement level in a move down from the $163.25 high to the $145.03 low. Any further gains could push the price towards the $165 level.

More losses in SOL?

If SOL fails to break above the resistance at $152.50, another decline could begin. Initial downside support is near the $145 level.

The first major support is located near the $142 level, below which the price may test $135. If a close occurs below the $135 support, the price may drop towards the $120 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 – $145 and $142.

Major resistance levels – $152.50, $157 and $165.