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Home Market & Analysis

SOL Price Dump and Pump, Can Solana Overcome Selling Pressure?

n70products by n70products
April 15, 2024
in Market & Analysis
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Solana tumbled and declined towards $110. SOL worth is now correcting losses above $140 and going through hurdles close to the $160 resistance zone.

  • SOL worth gained bearish momentum and declined under $150 in opposition to the US Greenback.
  • The worth is now buying and selling under $160 and the 100 easy shifting common (4 hours).
  • There’s a key bearish development line forming with resistance at $160 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
  • The pair might proceed to get well if it clears the $150 and $160 resistance ranges.

Solana Value Begins Restoration

Solana worth began a serious decline under the $180 and $160 assist ranges. SOL declined over 20% and even tumbled under the $150 stage. Lastly, the bulls appeared close to $110.

A low was fashioned at $115.04 and the worth is now trying a restoration wave like Bitcoin and Ethereum. There was a good improve above the $125 and $132 ranges. The worth cleared the 23.6% Fib retracement stage of the downward transfer from the $204 swing excessive to the $115 low.

Solana is now buying and selling under $150 and the 100 easy shifting common (4 hours). Speedy resistance is close to the $150 stage. The following main resistance is close to the $160 stage.

SOL Price

Supply: SOLUSD on TradingView.com

There may be additionally a key bearish development line forming with resistance at $160 on the 4-hour chart of the SOL/USD pair. The development line is close to the 61.8% Fib retracement stage of the downward transfer from the $204 swing excessive to the $115 low. A profitable shut above the $160 resistance might set the tempo for an additional main improve. The following key resistance is close to $182. Any extra positive aspects would possibly ship the worth towards the $200 stage.

Are Dips Supported in SOL?

If SOL fails to rally above the $160 resistance, it might begin one other decline. Preliminary assist on the draw back is close to the $140 stage.

The primary main assist is close to the $132 stage, under which the worth might take a look at $125. If there’s a shut under the $125 assist, the worth might decline towards the $115 assist within the close to time period.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.

4-Hours RSI (Relative Energy Index) – The RSI for SOL/USD is under the 50 stage.

Main Help Ranges – $140, and $132.

Main Resistance Ranges – $150, $160, and $182.

Disclaimer: The article is offered for instructional functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding choices. Use info offered on this web site fully at your personal danger.



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Tags: DumpOvercomePressurePricePumpSellingSOLSolana
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