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In recent days, the cryptocurrency known as Solana (SOL) has been facing certain resistance levels in its price movements. While SOL’s price struggles to overcome the $160 and $170 resistance levels, investors and analysts are closely observing the future prospects of the asset. So, which levels should be watched for Solana? At which levels could SOL coin fail?
SOL Price Encounters Resistance at This Level
According to data on the 4-hour chart for the SOL/USD pair, Solana’s price has encountered significant resistance at the $160 level. However, it is struggling to sustain trades above this level and is trending below the 100 simple moving average (4 hours).
Another important factor considered in technical analysis is the rising trend line formed at the $146 support. This trend line plays a critical role in determining the price movements of the SOL/USD pair.
However, a potential downward trend in the price of Solana, which ranks among the top five cryptocurrencies, should be considered. Especially if the asset continues to stay below the $160 and $170 levels for an extended period, another decline could begin.
A Decline Here Could Drive SOL Coin Price Downward
If SOL coin cannot rise above the $160 resistance, another downward trend could be initiated. Currently, the first support point downwards is positioned near the $145 level and close to the trend line. Breaking below this level could strengthen the expectation of further declines.
Further down, the first major support level for the cryptocurrency SOL is around $132. If the price attempts to break this level, a pullback towards around $120 could occur. If a close below the $120 support happens, a retreat to the $100 support level in the near term could be expected.
Technical Indicators
The 4-hour MACD metric continues to gain momentum in the negative zone for SOL/USD. This situation could indicate an increase in selling pressure for the cryptocurrency Solana.
The 4-hour RSI (Relative Strength Index) for SOL/USD is also trending below the 50 level. This could be considered an indicator that might strengthen the control of sellers. As of writing, Solana is trading at $146, which would require an approximate 10% increase to reach $160.
