SOL Price Dump and Pump, Can Solana Overcome Selling Pressure?

Solana tumbled and declined towards $110. SOL value is now correcting losses above $140 and going through hurdles close to the $160 resistance zone.

• SOL value gained bearish momentum and declined under $150 towards the US Greenback.
• The worth is now buying and selling under $160 and the 100 easy shifting common (4 hours).
• There’s a key bearish pattern line forming with resistance at $160 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
• The pair may proceed to get better if it clears the $150 and $160 resistance ranges.

Solana Value Begins Restoration

Solana value began a serious decline under the $180 and $160 assist ranges. SOL declined over 20% and even tumbled under the $150 stage. Lastly, the bulls appeared close to $110.

A low was fashioned at $115.04 and the worth is now making an attempt a restoration wave like Bitcoin and Ethereum. There was an honest enhance above the $125 and $132 ranges. The worth cleared the 23.6% Fib retracement stage of the downward transfer from the $204 swing excessive to the $115 low.

Solana is now buying and selling under $150 and the 100 easy shifting common (4 hours). Speedy resistance is close to the $150 stage. The subsequent main resistance is close to the $160 stage.

Supply: SOLUSD on TradingView.com

There’s additionally a key bearish pattern line forming with resistance at $160 on the 4-hour chart of the SOL/USD pair. The pattern line is close to the 61.8% Fib retracement stage of the downward transfer from the $204 swing excessive to the $115 low. A profitable shut above the $160 resistance may set the tempo for an additional main enhance. The subsequent key resistance is close to $182. Any extra positive aspects would possibly ship the worth towards the $200 stage.

Are Dips Supported in SOL?

If SOL fails to rally above the $160 resistance, it may begin one other decline. Preliminary assist on the draw back is close to the $140 stage.

The primary main assist is close to the $132 stage, under which the worth may take a look at $125. If there’s a shut under the $125 assist, the worth may decline towards the $115 assist within the close to time period.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.

4-Hours RSI (Relative Energy Index) – The RSI for SOL/USD is under the 50 stage.

Main Help Ranges – $140, and $132.

Main Resistance Ranges – $150, $160, and $182.

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