Solana Eases Gains: Can SOL Bulls Safeguard the $132 Support?

Share This Post

Solana started a fresh decline from the $155 resistance. SOL price is down over 10%, but the bulls are now protecting the $132 support.

  • SOL price started a strong decline from the $155 resistance against the US Dollar.
  • The price is now trading below $145 and the 100-hourly simple moving average.
  • There was a break below a connecting bullish trend line with support at $150 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could correct losses unless the bulls struggle to protect the $132 support.

Solana Price Dives 10%

Solana price struggled to continue higher above the $155 resistance. SOL reacted to the downside and declined below the $150 support. There was a break below a connecting bullish trend line with support at $150 on the hourly chart of the SOL/USD pair.

The pair gained bearish momentum below the $145 support and declined more than outperformed Bitcoin and Ethereum in the past two sessions. There was a drop toward the $132 support zone. A low was formed at $132.17 and the price is now attempting a recovery wave.

There was a move above the $135 level. The price is now approaching the 23.6% Fib retracement level of the recent decline from the $154.74 swing high to the $132.17 low.

Solana is now trading well below the $145 level and the 100-hourly simple moving average. If there is another increase, the price might face resistance near the $138 level. The next major resistance is near the $143.50 level and the 50% Fib retracement level of the recent decline from the $154.74 swing high to the $132.17 low.

Solana Price

A successful close above the $143.50 resistance could set the pace for another steady increase. The next key resistance is near $150. Any more gains might send the price toward the $155 level.

More Losses in SOL?

If SOL fails to rise above the $143.50 resistance, it could start another decline. Initial support on the downside is near the $135 level.

The first major support is near the $132 level, below which the price could test $125. If there is a close below the $125 support, the price could decline toward the $112 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 50 level.

Major Support Levels – $135, and $132.

Major Resistance Levels – $143.50 and $150.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Crypto Trading Bots Can Now Be Developed in Hours With SoftMine’s AI Software Dev Tool

This content is provided by a sponsor Crypto is a world of cycles – From the market peaks and troughs, to the shifts in investor tastes, we truly reside in a cyclical environment Each and every

How to Buy JetBolt ($JBOLT) – The Updated Detailed Guide

The post How to Buy JetBolt ($JBOLT) – The Updated Detailed Guide appeared first on Coinpedia Fintech News Looking for the next game-changer in crypto The rising altcoin star JetBolt ($JBOLT)

3 Reasons FXGuys Is the Next Big Crypto To Outshine Solana and TRON (TRX)

The post 3 Reasons FXGuys Is the Next Big Crypto To Outshine Solana and TRON (TRX) appeared first on Coinpedia Fintech News The next big crypto to outshine giants like Solana (SOL) and TRON (TRX) has

Steak ‘n Shake Teases Bitcoin Payments Again

On March 7, fast food chain Steak ‘n Shake posted a question on X asking, “Should Steak ‘n Shake accept bitcoin” The post received a slew of responses from many well-known

Crypto Millionaire Who Grew His Portfolio 17000% with Dogecoin and Floki Inu Names 5 Undervalued Coins Set to Pump In 2025

The post Crypto Millionaire Who Grew His Portfolio 17000% with Dogecoin and Floki Inu Names 5 Undervalued Coins Set to Pump In 2025 appeared first on Coinpedia Fintech News Spotting the next major

Crypto Market Falls 28% – Here’s Why Smart Money Is Buying the Dip

The post Crypto Market Falls 28% – Here’s Why Smart Money Is Buying the Dip appeared first on Coinpedia Fintech News The digital asset landscape has experienced a notable 28% contraction from