Solana declined again and tested the $160 support zone. SOL price is consolidating and could recover if it crosses the $166 resistance zone.
- SOL price corrected lower and tested the USD 160 support zone against the US dollar.
- The price is now trading below $168 and the 100-hour moving average.
- A connecting bearish trendline is forming with resistance at $165 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could overcome the USD 166 resistance unless it fails to hold above USD 160.
Solana Price Eye Restoration
Solana price remained in a short-term bearish zone like Bitcoin and Ethereum. SOL tested the USD 160 support zone and now consolidated losses. It is stuck below the USD 165 level.
There was a small move above the 23.6% Fib retracement level of the downward move from the $170 swing high to the $161.50 low. The Solana price is now trading below $166 and the 100-hour moving average. The immediate resistance is near the $165 level.
A connecting bearish trendline is also forming with resistance at $165 on the hourly chart of the SOL/USD pair. The next major resistance is around the $166 level. A successful close above the $166 resistance could set the pace for another big move higher.
The next major resistance is near $168 or the 61.8% Fib retracement level of the downward move from the $170 swing high to the $161.50 low. Any further gains could send the price towards the USD 172 level.
Lose more in SOL?
If SOL fails to break above the USD 166 resistance, it could trigger another decline. The initial downside support is near the $162 level.
The first major support is near the USD 160 level, below which the price could test USD 155. If there is a close below the $155 support, the price could fall towards the $150 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major support levels – USD 162 and USD 160.
Major resistance levels – $166, $168 and $172.