Solana

Bitcoin

Resistance

Solana tested the $138 zone before it started a recovery wave. SOL price must clear the $150 and $155 resistance levels to start a steady increase. 
<ul> 
 <li>SOL price is eyeing an upside break above the $150 resistance against the US Dollar.</li> 
 <li>The price is now trading above $145 and the 100-hourly simple moving average.</li> 
 <li>There is a connecting bullish trend line forming with support at $146 on the hourly chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could clear the $152.50 resistance to start a short-term uptrend.</li> 
</ul> 
<h2 id="solana-price-eyes-steady-increase">Solana Price Eyes Steady Increase</h2> 
Solana price extended losses below the $150 level like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-decline-65k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-outperforms-bitcoin-3650/" target="_blank" rel="noopener ">Ethereum</a>. SOL even declined below the $142 support before the bulls appeared near the $138 level. A low was formed at $138.01 and the price recently started a decent recovery wave. 
The price was able to clear the $142 and $145 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $161.89 swing high to the $138.01 low. Solana price is now trading above $145 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $146 on the hourly chart of the SOL/USD pair. 
Immediate resistance is near the $150 level. The next major resistance is near the $152.50 level or the 61.8% Fib retracement level of the downward move from the $161.89 swing high to the $138.01 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_75717f.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-624968 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_75717f.png?resize=1024%2C461" alt="Solana Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_75717f.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_75717f.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_75717f.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_75717f.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_75717f.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_75717f.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_75717f.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A successful close above the $152.50 resistance could set the pace for another major increase. The next key resistance is near $156.50. Any more gains might send the price toward the $160 level. 
<h2 id="another-decline-in-sol">Another Decline in SOL?</h2> 
If SOL fails to rally above the $152.50 resistance, it could start another decline. Initial support on the downside is near the $145 level and the trend line. 
The first major support is near the $142 level, below which the price could test $138. If there is a close below the $132 support, the price could decline toward the $125 support in the near term. 
Technical Indicators 
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone. 
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is near the 50 level. 
Major Support Levels – $145, and $142. 
Major Resistance Levels – $152.50, $156.50, and $160.

Solana Price Faces Uphill Task: Tough Road Ahead For SOL Bulls

Table of Contents

NewsBTC

Other articles published on Jun 17, 2024

Bitget lists ArtFi (ARTFI) the trending WEB3 Art Platform on Spot and PoolX

Traders Are Staking New Solana Token $SEAL As Presale Nears Final Week

Bitcoin Could Hit $200,000 by 2025, Say Bernstein Analysts

XRP Officially Decouples From Bitcoin

Ripple XRP Menghadapi Hambatan, Tapi Optimisme Masih Tinggi

Investors Turn To BlockDAG As Forecasts Suggest A Surge To $20 By 2027 Amid BNB News & NOT Coin V...

Join our free newsletter for daily crypto updates!