Solana fell and started to drop toward $110. The price of SOL is currently repairing losses over $140 and encountering challenges in the $160 resistance area.
The price of SOL turned negative and fell below $150 versus the US dollar.
Right now, the price is trading below both the $160 mark and the 4-hour simple moving average.
On the SOL/USD pair’s 4-hour chart, a significant negative trend line is forming, with resistance near $160.
If the pair breaks over the resistance levels of $150 and $160, it can continue to rise.
Solana Price Begins to Improve
The price of Solana began a significant downturn below the $180 and $160 support levels. SOL fell more than 20% and even broke below the $150 mark. At $110, the bulls finally showed up.
The price is currently attempting a rebound wave, similar to that of Bitcoin and Ethereum, after hitting a low of $115.04. Above the $125 and $132 marks, there was a sizable rise. The price moved through the 23.6% Fib retracement level of the decline from the swing high of $204 to the low of $115.
Right now, Solana’s price is trading below both $150 and the 4-hour simple moving average (100). Direct resistance is in proximity to the $150 mark. The $160 mark is the next significant resistance.
Moreover, a significant negative trend line with resistance at $160 is developing on the SOL/USD pair’s 4-hour chart. The trend line is in close proximity to the 61.8% Fib retracement level of the decline from the swing high of $204 to the low of $115. A profitable closure over the resistance level of $160 can lead to even another significant rise. Near $182 is the next significant resistance. Should there be any additional gains, the price may approach $200.
Does SOL Support Dips?
SOL can enter another downturn if it is unable to rise over the $160 resistance. The $140 mark is in the vicinity of the first downward support.
The price may test $125 below the first significant support, which is located close to the $132 mark. In the short term, the price may drop toward the $115 support if there is a closing below the $125 level.
April 2024, Cryptoniteuae
