Solana fell once more and examined the $160 help space. SOL value is consolidating and should get better if it breaks the $166 resistance zone.
- SOL value retreated decrease and examined the $160 help space towards the US Greenback.
- The worth is at present buying and selling beneath $168 and the 100 hourly easy shifting common.
- There’s a bearish development line forming with resistance at $165 on the hourly chart of the SOL/USD pair (Supply: Kraken).
- Barring failure to carry above $160, the pair is prone to break above the $166 resistance.
Solana Value eyes restoration
Solana value stays in short-term bearish territory like Bitcoin and Ethereum. SOL examined the $160 help space and is at present consolidating losses. It’s trapped beneath $165.
There was a minor transfer above the 23.6% Fib retracement stage of the downtrend from the $170 excessive to $161.50 low. Solana value is at present buying and selling beneath $166 and the 100 hourly easy shifting common. Speedy resistance is close to $165.
There may be additionally a bearish development line forming with resistance at $165 on the hourly chart of the SOL/USD pair. The following main resistance is close to $166. A profitable shut above the $166 resistance may set the stage for an additional important transfer larger.
The following key resistance is close to $168, the 61.8% Fibonacci retracement stage of the draw back transfer from the $170 swing excessive to $161.50 low. In case of additional positive factors, the worth could rise in the direction of the $172 stage.
SOL loses extra?
If SOL fails to rebound above the $166 resistance, one other decline may start. Preliminary help on the draw back is close to $162.
The primary main help stage is seen close to $160, beneath which the worth may take a look at $155. If the worth closes beneath the $155 help, the worth could drop in the direction of the $150 help within the brief time period.
Technical indicators
Hourly MACD – The MACD for SOL/USD is dropping pace within the bearish zone.
Hourly RSI (Relative Energy Index) – The RSI for SOL/USD is beneath the 50 stage.
Main help ranges – $162 and $160.
Main resistance ranges – $166, $168 and $172.
