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NewsBTC 2024-06-24 06:18:31

Solana (SOL) Dives Nearly 10%: Market Reactions and Future Outlook

Solana (SOL) Dives Nearly 10%: Market Reactions and Future Outlook

Solana failed to climb above the $135 resistance. SOL price started another decline, dropping nearly 10%, and now the bears aim for more downsides. SOL price remained in a bearish zone below the $142 resistance against the US Dollar. The price is now trading below $130 and the 100-hourly simple moving average. There is a connecting bearish trend line forming with resistance at $130 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could extend losses if there is a close below the $122.50 support zone. Solana Price Takes Hit Solana price attempted a recovery wave above the $132 level. However, SOL bears defended upsides above the $135 level and the price started another decline like Bitcoin and Ethereum. There was a drop below the $130 and $125 support levels. A low was formed at $123.24 and the price is currently trading in a downtrend. There is also a connecting bearish trend line forming with resistance at $130 on the hourly chart of the SOL/USD pair. Solana is now trading below $130 and the 100-hourly simple moving average. If there is a recovery wave, the price might face resistance near the $126.50 level or the 23.6% Fib retracement level of the downward move from the $136.65 swing high to the $123.24 low. Immediate resistance is near the $128.50 level. The next major resistance is near the $130.00 level or the trend line. It is close to the 50% Fib retracement level of the downward move from the $136.65 swing high to the $123.24 low. A successful close above the $130.00 resistance could set the pace for another steady increase. The next key resistance is near $132.50. Any more gains might send the price toward the $136.50 level. More Losses in SOL? If SOL fails to recover above the $130.00 resistance, it could start another decline. Initial support on the downside is near the $123.50 level. The first major support is near the $122.00 level, below which the price could test $120.00. If there is a close below the $120.00 support, the price could decline toward the $112.50 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 20 level. Major Support Levels – $122.00, and $120.00. Major Resistance Levels – $126.50, $130.00, and $132.50.

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