The post Tough Road Ahead For SOL Bulls appeared on BitcoinEthereumNews.com.

Solana tested the $138 zone before it started a recovery wave. SOL price must clear the $150 and $155 resistance levels to start a steady increase. SOL price is eyeing an upside break above the $150 resistance against the US Dollar. The price is now trading above $145 and the 100-hourly simple moving average. There is a connecting bullish trend line forming with support at $146 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could clear the $152.50 resistance to start a short-term uptrend. Solana Price Eyes Steady Increase Solana price extended losses below the $150 level like Bitcoin and Ethereum. SOL even declined below the $142 support before the bulls appeared near the $138 level. A low was formed at $138.01 and the price recently started a decent recovery wave. The price was able to clear the $142 and $145 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $161.89 swing high to the $138.01 low. Solana price is now trading above $145 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $146 on the hourly chart of the SOL/USD pair. Immediate resistance is near the $150 level. The next major resistance is near the $152.50 level or the 61.8% Fib retracement level of the downward move from the $161.89 swing high to the $138.01 low. Source: SOLUSD on TradingView.com A successful close above the $152.50 resistance could set the pace for another major increase. The next key resistance is near $156.50. Any more gains might send the price toward the $160 level. Another Decline in SOL? If SOL fails to rally above the $152.50 resistance, it could start another decline. Initial support on the…

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Filed under: News - @ June 17, 2024 7:28 am