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

Solana started a fresh decline below the $162 ￰0￱ price is now attempting to recover and faces hurdles near the $166 ￰1￱ price started a fresh decline below $165 and $162 against the US ￰2￱ price is now trading below $165 and the 100-hourly simple moving ￰3￱ 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 ￰4￱ declined below the $170 and $165 support ￰5￱ price gained bearish momentum below $160.

A low was formed at $145, and the price recently started a recovery ￰6￱ 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 ￰7￱ is now trading below $165 and the 100-hourly simple moving ￰8￱ the upside, immediate resistance is near the $165 ￰9￱ 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 ￰10￱ main resistance could be $172. A successful close above the $172 resistance zone could set the pace for another steady ￰11￱ next key resistance is $180.

Any more gains might send the price toward the $188 ￰12￱ Decline In SOL? If SOL fails to rise above the $166 resistance, it could continue to move ￰13￱ support on the downside is near the $160 ￰14￱ first major support is near the $155 level. A break below the $155 level might send the price toward the $148 support ￰15￱ there is a close below the $148 support, the price could decline toward the $142 zone in the near ￰16￱ Indicators Hourly MACD – The MACD for SOL/USD is losing pace in the bearish ￰17￱ Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 ￰18￱ Support Levels – $155 and $148. Major Resistance Levels – $165 and $166.