Ethereum

Solana

Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/solanas-recovery-faces-resistance-hurdles" rel="noopener noreferrer nofollow">Solana’s Recovery Faces Resistance Hurdles</a><br></p>
<p style="text-align: justify">After a period of notable decline, <a href="https://en.bitcoinhaber.net/solanas-ecosystem-thrives-with-surge-in-developer-activity" rel="noopener noreferrer nofollow">Solana</a> has begun to show signs of recovery, initiating an upward trend from a base around $120. Despite this positive movement, the cryptocurrency faces significant resistance levels that could impact its future price trajectory. This analysis delves into the recent price actions of Solana and its struggle with crucial resistance marks.</p>
<h2 style="text-align: justify" id="recent-price-movements">Recent Price Movements</h2>
<p style="text-align: justify">Solana’s price recently fell below the $150 and $140 support levels, aligning with broader market trends where major cryptocurrencies like <a href="https://en.bitcoinhaber.net/spot-bitcoin-etf-a-game-changer-for-investor-security" rel="noopener noreferrer nofollow">Bitcoin</a> and <a href="https://en.bitcoinhaber.net/ethereum-surges-but-faces-potential-risks-ahead" rel="noopener noreferrer nofollow">Ethereum</a> also faced losses. However, it started to correct upwards, moving strongly past the $125 and $130 levels. A key breakout was observed as it crossed a significant downtrend line, yet it failed to secure a position above the $140 mark.</p>
<h2 style="text-align: justify" id="challenges-at-key-resistance-levels">Challenges at Key Resistance Levels</h2>
<p style="text-align: justify">Currently, Solana trades around $137, with an immediate resistance near $142. If it fails to surpass this level, there looms a potential risk of another price downturn. Key resistance thereafter lies at $150, beyond which $175 could play a pivotal role should the uptrend continue. Conversely, inability to hold these levels may see the price sliding towards lower support levels, initially at $132 and potentially down to $120 or even $105 if the downward momentum accelerates.</p>
<h2 style="text-align: justify" id="the-technical-outlook">The Technical Outlook</h2>
<p style="text-align: justify">Technical indicators provide a somewhat optimistic outlook. The 4-hour MACD for SOL/USD shows an upward momentum, and the Relative Strength Index (RSI) stands above 50, suggesting a moderate bullish sentiment. However, the true test remains in the cryptocurrency’s ability to close above the $142 resistance.</p>
<h2 style="text-align: justify" id="key-inferences-from-current-trends">Key Inferences from Current Trends</h2>
<ul>
 <li>If Solana sustains above $142, it could target higher resistances at $150 and $175.</li>
 <li>A failure to hold above $132 could trigger a slide towards $120 or lower.</li>
 <li>Technical indicators favor an uptrend, but resistance levels are crucial for sustained growth.</li>
</ul>
<p style="text-align: justify">In conclusion, while Solana exhibits potential for recovery, its ability to overcome the $142 and $150 resistance levels will be critical in determining its short-term price stability and potential for further gains.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/solanas-recovery-faces-resistance-hurdles" rel="noopener noreferrer nofollow">Solana’s Recovery Faces Resistance Hurdles</a></h5>

Solana’s Recovery Faces Resistance Hurdles

Table of Contents

BH NEWS

Other articles published on May 3, 2024

1.75 Trillion SHIB Mysteriously Grabbed on Robinhood, Ripple's 800 Million XRP Escrow Lockup Fail...

How One Crypto Trader Lost $71 Million in Bitcoin Due to a Phishing Attack

Bitcoin Volatility Indicator Signals Imminent Breakout as Bollinger Bands Tighten

Welcome to Bloktopia MAYhem: A Month-Long Virtual Extravaganza!

MicroStrategy CEO Hails Bitcoin as the Best Crypto Asset with No Opponents

Anticipating Worldcoin’s (WLD) Potential Surge: Is Now the Right Time to Invest?

Join our free newsletter for daily crypto updates!