Solana

Resistance

Coin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/solana-faces-key-resistance-levels-in-the-crypto-market/" data-wpel-link="internal">Solana Faces Key Resistance Levels in the Crypto Market</a><br></p>
<p style="text-align: justify">In recent days, the cryptocurrency known as <strong><a href="https://en.coin-turk.com/solana-network-surpasses-various-altcoins-in-activity-and-transactions/" data-wpel-link="internal">Solana</a></strong> (<a href="https://en.coin-turk.com/solana-sol-price-analysis-key-factors-behind-the-recent-surge/" data-wpel-link="internal">SOL</a>) 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?</p> 
<h2 style="text-align: justify" id="sol-price-encounters-resistance-at-this-level">SOL Price Encounters Resistance at This Level</h2> 
<p style="text-align: justify">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).</p> 
<p style="text-align: justify">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.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-344421 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/04/sol-coin-turk-com-.png" alt="" width="1813" height="800"></p> 
<p style="text-align: justify">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.</p> 
<h2 style="text-align: justify" id="a-decline-here-could-drive-sol-coin-price-downward">A Decline Here Could Drive SOL Coin Price Downward</h2> 
<p style="text-align: justify">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.</p> 
<p style="text-align: justify">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.</p> 
<h2 style="text-align: justify" id="technical-indicators">Technical Indicators</h2> 
<p style="text-align: justify">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.</p> 
<p style="text-align: justify">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.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/solana-faces-key-resistance-levels-in-the-crypto-market/" data-wpel-link="internal">Solana Faces Key Resistance Levels in the Crypto Market</a></h5>

Solana Faces Key Resistance Levels in the Crypto Market

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