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Solana showed a downward trend over the weekend following the tensions between Israel and Iran, with its price starting to retreat towards the $110 levels. However, the current SOL price is compensating for the losses above $140 and is approaching the $160 resistance zone. Let’s look at what is expected for the price from here on out.
Which Levels Have Become Significant for Solana (SOL) Price
Currently, the SOL price has gained downward momentum by falling below $150 against the dollar. The price is trading below the $160 level and the 100 simple moving average. On the 4-hour chart of the SOL/USD pair, there is a clear downtrend line with the $160 resistance level. However, if the pair can surpass the resistance levels of $150 and $160, it may continue to recover.
Solana’s price experienced a significant drop below the support levels of $180 and $160, losing more than 20% of its value. However, a recovery around $110 eventually occurred with the entry of bulls into the market.
Solana Price Is Recovering
Solana‘s price recorded the lowest level at $115.04 and currently, the price seems to be moving with the recovery wave seen in other cryptocurrencies like Bitcoin and Ethereum. There was a significant increase above the $125 and $132 levels. Solana is currently trading below $150 and the 100 simple moving average (4-hour), with immediate resistance near the $150 level. The next major resistance is near the $160 level.
On the 4-hour chart of the SOL/USD pair, there is also a significant downtrend line formed with the $160 resistance. A successful close above the $160 resistance could determine the pace of another major increase. The next key resistance is around the $182 level. Further gains could direct the price towards the $200 level.
Failure at SOL Could Lead to These Levels
If SOL cannot break above the $160 resistance, a new downtrend could begin. Currently, the first level of support on the downside is around $140. The first major support is positioned near the $132 level, and below this level, the price has the potential to retreat to the $125 levels.
If a close below the $125 support occurs, further declines towards the $115 support level can be expected in the near term. Looking at the technical indicators, the 4-hour MACD indicator for the SOL/USD pair is gaining upward momentum. However, at the same time, the RSI (Relative Strength Index) is trending below the 50 level, which could indicate that selling pressure may continue.
The main support levels are determined as $140 and $132, while the resistance levels are seen as $150, $160, and $182, respectively.
