Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Solana started a fresh decline below the $162 zone. SOL price is now attempting to recover and faces hurdles near the $166 zone.
- SOL price started a fresh decline below $165 and $162 against the US Dollar.
- The price is now trading below $165 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $155 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price could continue to move up if it clears $165 and $166.
Solana Price Attempts Recovery Wave
Solana price failed to remain stable above $175 and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $170 and $165 support levels.
The price gained bearish momentum below $160. A low was formed at $145, and the price recently started a recovery wave. There was a move above the 23.6% Fib retracement level of the downward move from the $188 swing high to the $145 low.
Besides, there was a break above a key bearish trend line with resistance at $155 on the hourly chart of the SOL/USD pair. Solana is now trading below $165 and the 100-hourly simple moving average.
On the upside, immediate resistance is near the $165 level. The next major resistance is near the $166 level and the 50% Fib retracement level of the downward move from the $188 swing high to the $145 low. The main resistance could be $172. A successful close above the $172 resistance zone could set the pace for another steady increase. The next key resistance is $180. Any more gains might send the price toward the $188 level.
Another Decline In SOL?
If SOL fails to rise above the $166 resistance, it could continue to move down. Initial support on the downside is near the $160 zone. The first major support is near the $155 level.
A break below the $155 level might send the price toward the $148 support zone. If there is a close below the $148 support, the price could decline toward the $142 zone in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bearish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $155 and $148.
Major Resistance Levels – $165 and $166.
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.
In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.
Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.
Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.
At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.
In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
