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Home Market & Analysis

Solana Price (SOL) Slips: Will a Break Below $140 Trigger More Downside?

n70products by n70products
August 29, 2024
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Solana began a contemporary decline beneath $155 and $150. SOL value examined $140 and is at the moment struggling to begin a restoration wave.

  • SOL value began a contemporary downward transfer beneath $150 in opposition to the US Greenback.
  • The worth is now buying and selling beneath $148 and the 100-hourly easy shifting common.
  • There’s a short-term declining channel forming with resistance at $145.50 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
  • The pair may begin a restoration wave if it clears the $148 resistance zone.

Solana Worth Revisits $140

Solana value began a contemporary decline from nicely above $155 like Bitcoin and Ethereum. SOL gained tempo and traded beneath the $150 degree. It even examined the $140 help degree.

A low was fashioned at $140.53 and the value is now consolidating losses. There was a minor upward transfer above the $142 and $143 ranges. The worth climbed above the 23.6% Fib retracement degree of the downward transfer from the $161.95 swing excessive to the $140.53 low.

Solana is now buying and selling nicely beneath $150 and the 100-hourly easy shifting common. On the upside, the value is going through resistance close to the $146 degree. There’s additionally a short-term declining channel forming with resistance at $145.50 on the hourly chart of the SOL/USD pair.

Solana Price (SOL)

The subsequent main resistance is close to the $148 degree. A profitable shut above the $148 and $150 resistance ranges may set the tempo for one more regular improve. The subsequent key resistance is close to $152 or the 50% Fib retracement degree of the downward transfer from the $161.95 swing excessive to the $140.53 low. Any extra beneficial properties would possibly ship the value towards the $162 degree.

Extra Downsides in SOL?

If SOL fails to rise above the $146 resistance, it may begin one other decline. Preliminary help on the draw back is close to the $142 degree. The primary main help is close to the $140 degree.

A break beneath the $140 degree would possibly ship the value towards $132. If there’s a shut beneath the $132 help, the value may decline towards the $125 help within the close to time period.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining tempo within the bearish zone.

Hourly Hours RSI (Relative Energy Index) – The RSI for SOL/USD is beneath the 50 degree.

Main Assist Ranges – $142 and $140.

Main Resistance Ranges – $146 and $148.



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Tags: BreakDownsidePriceSlipsSOLSolanaTrigger
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