Solana (SOL) Dives Nearly 10%: Market Reactions and Future Outlook
June 24 2024 - 2:18AM
NEWSBTC
Solana failed to climb above the $135 resistance. SOL price started
another decline, dropping nearly 10%, and now the bears aim for
more downsides. SOL price remained in a bearish zone below the $142
resistance against the US Dollar. The price is now trading below
$130 and the 100-hourly simple moving average. There is a
connecting bearish trend line forming with resistance at $130 on
the hourly chart of the SOL/USD pair (data source from Kraken). The
pair could extend losses if there is a close below the $122.50
support zone. Solana Price Takes Hit Solana price attempted a
recovery wave above the $132 level. However, SOL bears defended
upsides above the $135 level and the price started another decline
like Bitcoin and Ethereum. There was a drop below the $130 and $125
support levels. A low was formed at $123.24 and the price is
currently trading in a downtrend. There is also a connecting
bearish trend line forming with resistance at $130 on the hourly
chart of the SOL/USD pair. Solana is now trading below $130 and the
100-hourly simple moving average. If there is a recovery wave, the
price might face resistance near the $126.50 level or the 23.6% Fib
retracement level of the downward move from the $136.65 swing high
to the $123.24 low. Immediate resistance is near the $128.50 level.
The next major resistance is near the $130.00 level or the trend
line. It is close to the 50% Fib retracement level of the downward
move from the $136.65 swing high to the $123.24 low. A successful
close above the $130.00 resistance could set the pace for another
steady increase. The next key resistance is near $132.50. Any more
gains might send the price toward the $136.50 level. More Losses in
SOL? If SOL fails to recover above the $130.00 resistance, it could
start another decline. Initial support on the downside is near the
$123.50 level. The first major support is near the $122.00 level,
below which the price could test $120.00. If there is a close below
the $120.00 support, the price could decline toward the $112.50
support in the near term. Technical Indicators Hourly MACD – The
MACD for SOL/USD is gaining pace in the bearish zone. Hourly Hours
RSI (Relative Strength Index) – The RSI for SOL/USD is below the 20
level. Major Support Levels – $122.00, and $120.00. Major
Resistance Levels – $126.50, $130.00, and $132.50.
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