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Home Market & Analysis

Solana (SOL) Hints at Downside Correction: Can It Hold Key Support?

n70products by n70products
October 23, 2024
in Market & Analysis
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Solana (SOL) Hints at Downside Correction: Can It Hold Key Support?
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Solana struggled to clear the $172 resistance zone. SOL worth is correcting positive aspects and may quickly check the $162 assist zone.

  • SOL worth is correcting positive aspects from the $172 resistance zone in opposition to the US Greenback.
  • The worth is now buying and selling above $162 and the 100-hourly easy transferring common.
  • There was a break beneath a connecting bullish pattern line with assist at $166 on the hourly chart of the SOL/USD pair (information supply from Kraken).
  • The pair may revisit the $162 assist zone earlier than the bulls take a stand.

Solana Worth Eyes Retest of Help

Solana worth climbed above the $150 and $155 ranges. SOL gained tempo after there was an in depth above the $162 resistance degree. Nevertheless, the bears had been lively close to the $172 zone.

The worth began a draw back correction from the $171 excessive like Bitcoin and Ethereum. There was a transfer beneath the $168 degree. The worth declined beneath the 50% Fib retracement degree of the upward transfer from the $161.23 swing low to the $171.00 excessive.

Moreover, there was a break beneath a connecting bullish pattern line with assist at $166 on the hourly chart of the SOL/USD pair. Solana is now buying and selling above $162 and the 100-hourly easy transferring common.

Solana Price

On the upside, the worth is dealing with resistance close to the $168 degree. The subsequent main resistance is close to the $170 degree. The principle resistance may very well be $172. A profitable shut above the $170 and $172 resistance ranges may set the tempo for one more regular enhance. The subsequent key resistance is $180. Any extra positive aspects may ship the worth towards the $188 degree.

Extra Losses in SOL?

If SOL fails to rise above the $170 resistance, it may begin one other decline. Preliminary assist on the draw back is close to the $164 degree or the 76.4% Fib retracement degree of the upward transfer from the $161.23 swing low to the $171.00 excessive.

The primary main assist is close to the $162 degree. A break beneath the $162 degree may ship the worth towards the $155 zone. If there’s a shut beneath the $155 assist, the worth may decline towards the $150 assist 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 Power Index) – The RSI for SOL/USD is beneath the 50 degree.

Main Help Ranges – $164 and $162.

Main Resistance Ranges – $168 and $172.



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Tags: correctionDownsideHintsHoldKeySOLSolanaSupport
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