Ethereum

Solana

Bitcoin

Resistance

Solana started a fresh decline from the $155 resistance. SOL price is down over 10%, but the bulls are now protecting the $132 support. 
<ul> 
 <li>SOL price started a strong decline from the $155 resistance against the US Dollar.</li> 
 <li>The price is now trading below $145 and the 100-hourly simple moving average.</li> 
 <li>There was a break below a connecting bullish trend line with support at $150 on the hourly chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could correct losses unless the bulls struggle to protect the $132 support.</li> 
</ul> 
<h2 id="solana-price-dives-10">Solana Price Dives 10%</h2> 
Solana price struggled to continue higher above the $155 resistance. SOL reacted to the downside and declined below the $150 support. There was a break below a connecting bullish trend line with support at $150 on the hourly chart of the SOL/USD pair. 
The pair gained bearish momentum below the $145 support and declined more than outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-takes-hit-58k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-plummets-3150/" target="_blank" rel="noopener ">Ethereum</a> in the past two sessions. There was a drop toward the $132 support zone. A low was formed at $132.17 and the price is now attempting a recovery wave. 
There was a move above the $135 level. The price is now approaching the 23.6% Fib retracement level of the recent decline from the $154.74 swing high to the $132.17 low. 
Solana is now trading well below the $145 level and the 100-hourly simple moving average. If there is another increase, the price might face resistance near the $138 level. The next major resistance is near the $143.50 level and the 50% Fib retracement level of the recent decline from the $154.74 swing high to the $132.17 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Solana.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-627755 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Solana.png?resize=1024%2C461" alt="Solana Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Solana.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A successful close above the $143.50 resistance could set the pace for another steady increase. The next key resistance is near $150. Any more gains might send the price toward the $155 level. 
<h2 id="more-losses-in-sol">More Losses in SOL?</h2> 
If SOL fails to rise above the $143.50 resistance, it could start another decline. Initial support on the downside is near the $135 level. 
The first major support is near the $132 level, below which the price could test $125. If there is a close below the $125 support, the price could decline toward the $112 support in the near term. 
Technical Indicators 
Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone. 
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. 
Major Support Levels – $135, and $132. 
Major Resistance Levels – $143.50 and $150.

Solana Eases Gains: Can SOL Bulls Safeguard the $132 Support?

Table of Contents

NewsBTC

Other articles published on Jul 4, 2024

Social Media Platforms Discuss Bitcoin’s Recent Price Drop

Notcoin and Helika Set to Launch Telegram Gaming Accelerator

Whale Triggers Bitcoin Price Drop

Zebu Live 2024: The UK’s Premier Web3 Conference Returns with Steven Bartlett, Coinbase, Solana, ...

Dogecoin Whale Bags 90M Tokens Amid Market Crash, What’s Next For DOGE?

Dash Announces Genesis Release of Evolution Platform: Revolutionizing Decentralized Payments and ...

Join our free newsletter for daily crypto updates!