{"id":2684,"date":"2024-09-02T05:08:20","date_gmt":"2024-09-02T05:08:20","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=2684"},"modified":"2024-09-02T05:08:20","modified_gmt":"2024-09-02T05:08:20","slug":"solana-price-sol-turns-red-key-supports-that-may-spark-a-bullish-upside","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=2684","title":{"rendered":"Solana Price (SOL) Turns Red: Key Supports That May Spark a Bullish Upside?"},"content":{"rendered":"

Solana started a fresh decline below $150 and $142. SOL price tested $128 and is currently struggling to start a recovery wave.<\/em><\/p>\n

SOL price started a fresh downward move below $150 against the US Dollar.
\nThe price is now trading below $140 and the 100-hourly simple moving average.
\nThere is a connecting bearish trend line forming with resistance at $134 on the hourly chart of the SOL\/USD pair (data source from Kraken).
\nThe pair could start a recovery wave if it clears the $138 resistance zone.<\/p>\n

Solana Price Extends Losses<\/h2>\n

Solana price started a fresh decline below the $150 support like Bitcoin<\/a> and Ethereum<\/a>. SOL gained pace and traded below the $142 level. It even tested the $128 support level.<\/p>\n

A low was formed at $127.80 and the price is now consolidating losses. The price is showing some signs of a recovery wave, but it is still below the 23.6% Fib retracement level of the downward move from the $147.28 swing high to the $127.80 low.<\/p>\n

Solana is now trading well below $140 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $132.50 level. There is also a connecting bearish trend line forming with resistance at $134 on the hourly chart of the SOL\/USD pair.<\/p>\n

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

The next major resistance is near the $138 level or the 50% Fib retracement level of the downward move from the $147.28 swing high to the $127.80 low. A successful close above the $134 and $138 resistance levels could set the pace for another steady increase. The next key resistance is near $142. Any more gains might send the price toward the $150 level.<\/p>\n

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

If SOL fails to rise above the $138 resistance, it could start another decline. Initial support on the downside is near the $128 level. The first major support is near the $122 level.<\/p>\n

A break below the $122 level might send the price toward $115. If there is a close below the $115 support, the price could decline toward the $100 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 $128 and $122.<\/p>\n

Major Resistance Levels \u2013 $134 and $138.<\/p>","protected":false},"excerpt":{"rendered":"

Solana started a fresh decline below $150 and $142. SOL price tested $128 and is currently struggling to start a recovery wave. SOL price started a fresh downward move below $150 against the US Dollar. The price is now trading below $140 and the 100-hourly simple moving average. There is a connecting bearish trend line […]<\/p>\n","protected":false},"author":0,"featured_media":2685,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2684","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\/2684"}],"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=2684"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2684\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/2685"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2684"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2684"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2684"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}