Solana (SOL) Struggles to Rebound, $165 Level Proves Tough to Crack

Solana started a fresh decline below the $165 pivot ￰0￱ price is now attempting to recover and faces hurdles near the $165 ￰1￱ price started a fresh decline below $162 and $160 against the US ￰2￱ price is now trading below $162 and the 100-hourly simple moving ￰3￱ is a new bearish trend line forming with resistance at $159 on the hourly chart of the SOL/USD pair (data source from Kraken). The price could continue to move up if it clears $160 and $162. Solana Price Faces Hurdles Solana price extended losses below $150 before the bulls appeared, like Bitcoin and ￰4￱ tested the $145 zone and recently started a recovery ￰5￱ was a move above the $150 and $155 resistance ￰6￱ price climbed above the 23.6% Fib retracement level of the downward move from the $188 swing high to the $145 low.

However, the bears remained active near the $162-$165 resistance zone. Besides, there is a new bearish trend line forming with resistance at $159 on the hourly chart of the SOL/USD ￰7￱ is now trading below $162 and the 100-hourly simple moving ￰8￱ the upside, immediate resistance is near the $160 level and the trend ￰9￱ next major resistance is near the $162 ￰10￱ main resistance could be $165. A successful close above the $165 resistance zone could set the pace for another steady ￰11￱ next key resistance is $172 and the 61.8% Fib retracement level of the downward move from the $188 swing high to the $145 ￰12￱ more gains might send the price toward the $180 ￰13￱ Decline In SOL?

If SOL fails to rise above the $160 resistance, it could continue to move ￰14￱ support on the downside is near the $150 ￰15￱ first major support is near the $145 level. A break below the $145 level might send the price toward the $138 support ￰16￱ there is a close below the $138 support, the price could decline toward the $130 zone in the near ￰17￱ Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish ￰18￱ Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 ￰19￱ Support Levels – $150 and $145. Major Resistance Levels – $160 and $165.