{"id":17894,"date":"2024-11-05T05:18:46","date_gmt":"2024-11-05T05:18:46","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=17894"},"modified":"2024-11-05T05:18:46","modified_gmt":"2024-11-05T05:18:46","slug":"solana-sol-hints-at-bearish-shift-is-drop-on-the-horizon","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=17894","title":{"rendered":"Solana (SOL) Hints at Bearish Shift: Is Drop on The Horizon?"},"content":{"rendered":"

Solana trimmed gains and traded below the $172 support zone. SOL price is consolidating and might struggle to recover above the $165 resistance.<\/em><\/p>\n

SOL price started a fresh decline after it struggled near the $175 zone against the US Dollar.
\nThe price is now trading below $170 and the 100-hourly simple moving average.
\nThere is a key bearish trend line forming with resistance at $162 on the hourly chart of the SOL\/USD pair (data source from Kraken).
\nThe pair could start a decent upward movement if it stays above the $155 and $150 support levels.<\/p>\n

Solana Price Extends Losses<\/h2>\n

Solana price struggled to clear the $180 resistance and started a fresh decline like Bitcoin<\/a> and Ethereum<\/a>. There was a drop below the $175 and $172 support levels.<\/p>\n

The bears even pushed the price below $165 and tested the $155 support zone. A low was formed at $155 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $173 swing high to the $155 low.<\/p>\n

Solana is now trading below $162 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $160 level. The next major resistance is near the $162 level. There is also a key bearish trend line forming with resistance at $162 on the hourly chart of the SOL\/USD pair.<\/p>\n

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

The main resistance could be $165 or the 50% Fib retracement level of the downward move from the $173 swing high to the $155 low. A successful close above the $165 resistance level could set the pace for another steady increase. The next key resistance is $172. Any more gains might send the price toward the $180 level.<\/p>\n

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

If SOL fails to rise above the $165 resistance, it could continue to move down. Initial support on the downside is near the $155 level. The first major support is near the $150 level.<\/p>\n

A break below the $150 level might send the price toward the $135 zone. If there is a close below the $135 support, the price could decline toward the $124 support in the near term.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 The MACD for SOL\/USD is losing 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 $155 and $150.<\/p>\n

Major Resistance Levels \u2013 $162 and $165.<\/p>","protected":false},"excerpt":{"rendered":"

Solana trimmed gains and traded below the $172 support zone. SOL price is consolidating and might struggle to recover above the $165 resistance. SOL price started a fresh decline after it struggled near the $175 zone against the US Dollar. The price is now trading below $170 and the 100-hourly simple moving average. There is […]<\/p>\n","protected":false},"author":0,"featured_media":17895,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-17894","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\/17894"}],"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=17894"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/17894\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/17895"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}