The post Solana (SOL) Hints at Downside Correction: Can It Hold Key Support? appeared on BitcoinEthereumNews.com.

Solana struggled to clear the $172 resistance zone. SOL price is correcting gains and might soon test the $162 support zone. SOL price is correcting gains from the $172 resistance zone against the US Dollar. The price is now trading above $162 and the 100-hourly simple moving average. There was a break below a connecting bullish trend line with support at $166 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could revisit the $162 support zone before the bulls take a stand. Solana Price Eyes Retest of Support Solana price climbed above the $150 and $155 levels. SOL gained pace after there was a close above the $162 resistance level. However, the bears were active near the $172 zone. The price started a downside correction from the $171 high like Bitcoin and Ethereum. There was a move below the $168 level. The price declined below the 50% Fib retracement level of the upward move from the $161.23 swing low to the $171.00 high. Besides, there was a break below a connecting bullish trend line with support at $166 on the hourly chart of the SOL/USD pair. Solana is now trading above $162 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $168 level. The next major resistance is near the $170 level. The main resistance could be $172. A successful close above the $170 and $172 resistance levels could set the pace for another steady increase. The next key resistance is $180. Any more gains might send the price toward the $188 level. More Losses in SOL? If SOL fails to rise above the $170 resistance, it could start another decline. Initial support on the downside is near the $164 level or the 76.4% Fib retracement level…

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Filed under: News - @ October 23, 2024 5:23 am