- Solana price started a downside correction from the $160 zone against the US Dollar.
- The price is now trading above $140 and the 55 simple moving average (4 hours).
- There was a break below a key bullish trend line with support at $152 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
- The pair must stay above the $138 and $135 support levels to start another increase.
Solana price is correcting gains from $160 against the US Dollar, like Bitcoin. SOL could start another increase if the bulls remain active above $135.
Solana (SOL) Price Analysis
SOL price attempted more upsides above the $150 resistance zone. The price climbed above the $155 zone, but the bears were active near the $160 zone.
A high was formed near $159.38 before there was a downside correction. The price declined below the $152.50 support zone. There was a break below a key bullish trend line with support at $152 on the 4-hour chart of the SOL/USD pair.
The bears were able to push the price below the 23.6% Fib retracement level of the upward wave from the $118 swing low to the $160 high. It is now trading above $140 and the 55 simple moving average (4 hours).
On the downside, initial support is near the $145 level. The next major support is near the $138 level or the 50% Fib retracement level of the upward wave from the $118 swing low to the $160 high. The main support sits at the $135 level.
A downside break below the $135 support level might spark a sharp decline. In the stated case, the price may perhaps decline toward the $122 level. Any more losses might call for a test of $118.
On the upside, immediate resistance is near the $158 level. The next major resistance is near the $160 zone. Any more gains might send SOL price toward the $175 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $188 level.
Looking at the chart, Solana price is clearly trading above $140 and the 55 simple moving average (4 hours). Overall, the price must stay above the $138 and $135 support levels to start another increase.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now near the 50 level.
Key Support Levels – $138 and $135.
Key Resistance Levels – $155, $160, and $175.
