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HomeAltcoin NewsSolana (SOL) Price Analysis: Bears Take Control Below $180

Solana (SOL) Price Analysis: Bears Take Control Below $180

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  • Solana price gained bearish momentum below the $185 level against the US Dollar.
  • The price is now trading below $180 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $176.50 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
  • The pair could recover, but the upsides might be limited above the $180 resistance.

Solana price is trading in a short-term bearish zone below $180 against the US Dollar, like Bitcoin. SOL could accelerate further lower if it stays below the $180 resistance zone.

Solana (SOL) Price Analysis

SOL price started a fresh decline below the $200 support zone. The price gained bearish momentum below the $192 support zone. The bears were able to push the price below the $180 and $172 support levels.

A low was formed near $168.99 and the price is now consolidating losses. It seems like the price might attempt a recovery wave above the $170 level or the 23.6% Fib retracement level of the downward move from the $184.63 swing high to the $168.99 low.

On the upside, immediate resistance is near the $175 level. There is also a key bearish trend line forming with resistance near $176.50 on the 4-hour chart of the SOL/USD pair.

The trend line is near the 50% Fib retracement level of the downward move from the $184.63 swing high to the $168.99 low. The next major resistance is near the $180 level. A clear move above the $180 resistance level might call for a steady increase.

The next major resistance sits near the $192 level, above which the price might rise toward $195. Any more gains might send SOL price toward the $200 resistance zone.

On the downside, initial support is near the $168 level. A downside break below the $168 support level might spark a major drop. In the stated case, the price may perhaps decline toward the $150 level.

Solana (SOL) Price
Solana (SOL) Price

Looking at the chart, Solana price is trading below $180 and the 55 simple moving average (4 hours). Overall, the price could recover, but the upsides might be limited above the $180 resistance.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Key Support Levels – $168 and $160.

Key Resistance Levels – $176.50, $180, and $192.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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