Solana

Bitcoin

Resistance

Solana tumbled and declined toward $110. SOL price is now correcting losses above $140 and facing hurdles near the $160 resistance zone. 
<ul> 
 <li>SOL price gained bearish momentum and declined below $150 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 bearish trend line forming with resistance at $160 on the 4-hour chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could continue to recover if it clears the $150 and $160 resistance levels.</li> 
</ul> 
<h2 id="solana-price-starts-recovery">Solana Price Starts Recovery</h2> 
Solana price started a major decline below the $180 and $160 support levels. SOL declined over 20% and even tumbled below the $150 level. Finally, the bulls appeared near $110. 
A low was formed at $115.04 and the price is now attempting a recovery wave like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-downside-thrust-60500/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-reclaims-3k/" target="_blank" rel="noopener ">Ethereum</a>. There was a decent increase above the $125 and $132 levels. The price cleared the 23.6% Fib retracement level of the downward move from the $204 swing high to the $115 low. 
Solana is now trading below $150 and the 100 simple moving average (4 hours). Immediate resistance is near the $150 level. The next major resistance is near the $160 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Solana.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-603237" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Solana.png?resize=1024%2C461" alt="SOL Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Solana.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Solana.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Solana.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Solana.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Solana.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Solana.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Solana.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> 
There is also a key bearish trend line forming with resistance at $160 on the 4-hour chart of the SOL/USD pair. The trend line is near the 61.8% Fib retracement level of the downward move from the $204 swing high to the $115 low. A successful close above the $160 resistance could set the pace for another major increase. The next key resistance is near $182. Any more gains might send the price toward the $200 level. 
<h2 id="are-dips-supported-in-sol">Are Dips Supported 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 $140 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 $115 support in the near term. 
Technical Indicators 
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone. 
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. 
Major Support Levels – $140, and $132. 
Major Resistance Levels – $150, $160, and $182.

SOL Price Dump and Pump, Can Solana Overcome Selling Pressure?

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