Solana

Bitcoin

Resistance

Solana attempted a recovery wave above the $140 level. SOL price is now struggling to clear the $160 and $170 resistance levels. 
<ul> 
 <li>SOL price recovered higher and tested the $160 resistance against the US Dollar.</li> 
 <li>The price is now trading below $160 and the 100 simple moving average (4 hours).</li> 
 <li>There is a key bullish trend line forming with support at $146 on the 4-hour chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could start another decline if it stays below $160 and $170 for a long time.</li> 
</ul> 
<h2 id="solana-price-faces-resistance">Solana Price Faces Resistance</h2> 
Solana price started a major decline below the $170 and $160 support levels. SOL tested the $115 zone and recently started an upside correction, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-trims-gains-63500/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-faces-rejection-3280/" target="_blank" rel="noopener ">Ethereum</a>. 
There was a decent increase above the $130 and $140 levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $205 swing high to the $115 low. It even spiked above the $155 zone and the 100 simple moving average (4 hours). 
However, the bears are active near the $160 zone and the 50% Fib retracement level of the downward wave from the $205 swing high to the $115 low. The price struggled and corrected gains. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Solana_ec4e8c.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-605013" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Solana_ec4e8c.png?resize=1024%2C461" alt="SOL Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Solana_ec4e8c.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Solana_ec4e8c.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Solana_ec4e8c.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Solana_ec4e8c.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Solana_ec4e8c.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Solana_ec4e8c.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Solana_ec4e8c.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/SOLUSD/" target="_blank" rel="noopener nofollow">SOLUSD on TradingView.com</a> 
Solana is now trading below $160 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $146 on the 4-hour chart of the SOL/USD pair. Immediate resistance is near the $155 level. The next major resistance is near the $160 level. A successful close above the $160 resistance could set the pace for another major increase. The next key resistance is near $170. Any more gains might send the price toward the $188 level. 
<h2 id="another-decline-in-sol">Another Decline in SOL?</h2> 
If SOL fails to rally above the $160 resistance, it could start another decline. Initial support on the downside is near the $145 level and the trend line. 
The first major support is near the $132 level, below which the price could test $120. If there is a close below the $120 support, the price could decline toward the $100 support in the near term. 
Technical Indicators 
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone. 
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. 
Major Support Levels – $146, and $132. 
Major Resistance Levels – $155, $160, and $170.

SOL Price Topside Bias Vulnerable If Solana Continues To Struggle Below $170

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