Solana (SOL) Recovery Attempt Builds, But Volume Still Signals Caution

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.

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