Solana

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Resistance

Solana declined again and tested the $160 support zone. SOL price is consolidating and might recover if it clears the $166 resistance zone. 
<ul> 
 <li>SOL price corrected lower and tested the $160 support zone against the US Dollar.</li> 
 <li>The price is now trading below $168 and the 100-hourly simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $165 on the hourly chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could clear the $166 resistance unless it fails to stay above $160.</li> 
</ul> 
<h2 id="solana-price-eyes-recovery">Solana Price Eyes Recovery</h2> 
Solana price remained in a short-term bearish zone like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-slips-67k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-steadies-3700/" target="_blank" rel="noopener ">Ethereum</a>. SOL tested the $160 support zone and now consolidating losses. It is stuck below the $165 level. 
There was a minor move above the 23.6% Fib retracement level of the downward move from the $170 swing high to the $161.50 low. Solana price is now trading below $166 and the 100-hourly simple moving average. Immediate resistance is near the $165 level. 
There is also a connecting bearish trend line forming with resistance at $165 on the hourly chart of the SOL/USD pair. The next major resistance is near the $166 level. A successful close above the $166 resistance could set the pace for another major increase. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Solana.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-611129 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Solana.png?resize=1024%2C449" alt="Solana Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Solana.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance is near $168 or the 61.8% Fib retracement level of the downward move from the $170 swing high to the $161.50 low. Any more gains might send the price toward the $172 level. 
<h2 id="more-losses-in-sol">More Losses in SOL?</h2> 
If SOL fails to rally above the $166 resistance, it could start another decline. Initial support on the downside is near the $162 level. 
The first major support is near the $160 level, below which the price could test $155. If there is a close below the $155 support, the price could decline toward the $150 support in the near term. 
Technical Indicators 
Hourly MACD – The MACD for SOL/USD is losing pace in the bearish zone. 
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. 
Major Support Levels – $162, and $160. 
Major Resistance Levels – $166, $168, and $172.

Can Solana (SOL) Overcome Key Resistance and Ignite a Fresh Increase?

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