Solana failed to stay above $146 and corrected gains. SOL is currently trading below $145 and could see deals near the $140 zone.
- The SOL price began a downward correction below $145 against the US dollar.
- The price is currently below $145 and the 100-hour basic moving average.
- A bullish trend line is forming on the hourly chart of the SOL/USD pair with support at $141 (data source from Kraken).
- The pair could escalate losses if it falls below the $140 zone.
Solana’s price begins a downward correction
Solana’s price failed to break above $150 and began a downward correction, just like Bitcoin and Ethereum. SOL dropped below $146 and $145 to enter a short-term bear zone.
There was a move below the 61.8% Fib retracement level of the up wave from the low of $138 to the high of $149. However, bulls are energetic above $140. Additionally, a bullish trend line is forming on the hourly chart of the SOL/USD pair with support at $141.
Solana is currently trading below $145 and the 100-hour basic moving average. On the other hand, the price faces resistance near the $144 level. The next major resistance is near the $146 level. The main resistance may be at $148. A successful close above the $148 resistance zone could set the pace for further sustained growth. The next key resistance is $155. Any further gains could push the price towards the $162 level.
More losses in SOL?
If SOL fails to break above the resistance at $146, another decline could begin. Initial downside support is located near the $141 zone and trendline. The first major support is located near the $140 level and the 76.4% Fib retracement level of the rising wave from a low of $138 to a high of $149.
A break below the $140 level could push the price towards the $132 support zone. If a close occurs below the support at $132, the price may drop towards the support at $124 in the near future.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining momentum in a bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major support levels – $141 and $140.
Major resistance levels – $146 and $148.
