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

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

SOL worth gained bearish momentum and declined beneath $150 in opposition to the US Greenback.
The value is now buying and selling beneath $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 (knowledge supply from Kraken).
The pair might proceed to recuperate if it clears the $150 and $160 resistance ranges.

Solana Value Begins Restoration

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

A low was shaped at $115.04 and the worth is now trying a restoration wave like Bitcoin and Ethereum. There was an honest enhance above the $125 and $132 ranges. The value 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 beneath $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 may be 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 might set the tempo for an additional main enhance. The subsequent key resistance is close to $182. Any extra good points would possibly ship the worth towards the $200 stage.

Are Dips Supported in SOL?

If SOL fails to rally above the $160 resistance, it might 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, beneath which the worth might check $125. If there’s a shut beneath the $125 assist, the worth might 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 beneath the 50 stage.

Main Assist Ranges – $140, and $132.

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

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