{"id":15796,"date":"2024-10-23T05:08:54","date_gmt":"2024-10-23T05:08:54","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=15796"},"modified":"2024-10-23T05:08:54","modified_gmt":"2024-10-23T05:08:54","slug":"solana-sol-hints-at-downside-correction-can-it-hold-key-support","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=15796","title":{"rendered":"Solana (SOL) Hints at Downside Correction: Can It Hold Key Support?"},"content":{"rendered":"

Solana struggled to clear the $172 resistance zone. SOL price is correcting gains and might soon test the $162 support zone.<\/em><\/p>\n

SOL price is correcting gains from the $172 resistance zone against the US Dollar.
\nThe price is now trading above $162 and the 100-hourly simple moving average.
\nThere was a break below a connecting bullish trend line with support at $166 on the hourly chart of the SOL\/USD pair (data source from Kraken).
\nThe pair could revisit the $162 support zone before the bulls take a stand.<\/p>\n

Solana Price Eyes Retest of Support<\/h2>\n

Solana price climbed above the $150 and $155 levels. SOL gained pace after there was a close above the $162 resistance level. However, the bears were active near the $172 zone.<\/p>\n

The price started a downside correction from the $171 high like Bitcoin<\/a> and Ethereum<\/a>. There was a move below the $168 level. The price declined below the 50% Fib retracement level of the upward move from the $161.23 swing low to the $171.00 high.<\/p>\n

Besides, there was a break below a connecting bullish trend line with support at $166 on the hourly chart of the SOL\/USD pair. Solana is now trading above $162 and the 100-hourly simple moving average.<\/p>\n

<\/a><\/p>\n

On the upside, the price is facing resistance near the $168 level. The next major resistance is near the $170 level. The main resistance could be $172. A successful close above the $170 and $172 resistance levels could set the pace for another steady increase. The next key resistance is $180. Any more gains might send the price toward the $188 level.<\/p>\n

More Losses in SOL?<\/h2>\n

If SOL fails to rise above the $170 resistance, it could start another decline. Initial support on the downside is near the $164 level or the 76.4% Fib retracement level of the upward move from the $161.23 swing low to the $171.00 high.<\/p>\n

The first major support is near the $162 level. A break below the $162 level might send the price toward the $155 zone. If there is a close below the $155 support, the price could decline toward the $150 support in the near term.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 The MACD for SOL\/USD is gaining pace in the bearish zone.<\/p>\n

Hourly Hours RSI (Relative Strength Index) \u2013 The RSI for SOL\/USD is below the 50 level.<\/p>\n

Major Support Levels \u2013 $164 and $162.<\/p>\n

Major Resistance Levels \u2013 $168 and $172.<\/p>","protected":false},"excerpt":{"rendered":"

Solana struggled to clear the $172 resistance zone. SOL price is correcting gains and might soon test the $162 support zone. SOL price is correcting gains from the $172 resistance zone against the US Dollar. The price is now trading above $162 and the 100-hourly simple moving average. There was a break below a connecting […]<\/p>\n","protected":false},"author":0,"featured_media":15797,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-15796","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/15796"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15796"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/15796\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/15797"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}