Solana has recently made an attempt to recover from a recent dip in price, with the price hovering around the $140 level. However, positive momentum seems to be facing resistance at the $160 and $170 levels. Despite a slight recovery, SOL is struggling to surpass these key resistance levels, indicating some bearish pressure in the market.
The SOL price witnessed a significant decline below the $170 and $160 support levels, testing the $115 zone. However, there was a recent upside correction reminiscent of movements seen in Bitcoin and Ethereum prices. The price managed to climb above the $130 and $140 levels, indicating some level of bullish sentiment in the market.
Solana is currently trading below the $160 mark and the 100 simple moving average (4 hours), with a key bullish trend line forming with support at $146 on the 4-hour chart of the SOL/USD pair. The immediate resistance is seen near the $155 level, with the next major resistance at $160 which could potentially pave the way for a significant increase in price. However, failure to break above this level might signal another potential decline, with initial support seen at $145 and the trend line.
If the price manages to rally above the $160 resistance, it could set the stage for further gains, possibly targeting the $170 and $188 levels. On the flip side, a failure to breach this resistance level could lead to a decline towards the $132 and $120 support levels. A close below $120 could even signal a further downtrend towards the $100 support level.
It is important to note that the information provided in this article is for educational purposes only and does not constitute financial advice. Any investment decision should be made after conducting thorough research and considering your individual risk tolerance. Investing in cryptocurrencies carries inherent risks and it is advisable to proceed with caution.