Solana (SOL) Slips Back to Support, Setting Up a High-Tension Test

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 failed to stay above $146 and corrected gains. SOL price is now trading below $145 and might find bids near the $140 zone. SOL price started a downside correction below $145 against the US Dollar. The price is now trading below $145 and the 100-hourly simple moving average. There is a bullish trend line forming with support at $141 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could extend losses if it dips below the $140 zone. Solana Price Starts Downside Correction Solana price failed to surpass $150 and started a downside correction, like Bitcoin and Ethereum . SOL dipped below $146 and $145 to enter a short-term bearish zone. There was a move below the 61.8% Fib retracement level of the upward wave from the $138 swing low to the $149 high. However, the bulls are active above $140. Besides, there is a bullish trend line forming with support at $141 on the hourly chart of the SOL/USD pair. Source: SOLUSD on TradingView.com Solana is now trading below $145 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $144 level. The next major resistance is near the $146 level. The main resistance could be $148. A successful close above the $148 resistance zone could set the pace for another steady increase. The next key resistance is $155. Any more gains might send the price toward the $162 level. More Losses In SOL? If SOL fails to rise above the $146 resistance, it could start another decline. Initial support on the downside is near the $141 zone and the trend line. The first major support is near the $140 level and the 76.4% Fib retracement level of the upward wave from the $138 swing low to the $149 high. A break below the $140 level might send the price toward the $132 support zone. If there is a close below the $132 support, the price could decline toward the $124 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 – $141 and $140. Major Resistance Levels – $146 and $148.