{"id":28690,"date":"2024-12-16T05:08:29","date_gmt":"2024-12-16T05:08:29","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=28690"},"modified":"2024-12-16T05:08:29","modified_gmt":"2024-12-16T05:08:29","slug":"solana-sol-faces-headwinds-can-bulls-revive-momentum","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=28690","title":{"rendered":"Solana (SOL) Faces Headwinds: Can Bulls Revive Momentum?"},"content":{"rendered":"

Solana remained stable above the $215 level. SOL price is now recovering losses and facing hurdles near the $228 and $332 levels.<\/em><\/p>\n

SOL price started a fresh increase after it tested the $215 zone against the US Dollar.
\nThe price is now trading below $225 and the 100-hourly simple moving average.
\nThere was a break above a connecting bearish trend line with resistance at $222 on the hourly chart of the SOL\/USD pair (data source from Kraken).
\nThe pair could start a fresh increase if the bulls clear the $228 zone.<\/p>\n

Solana Price Eyes Upside Break<\/h2>\n

Solana price formed a support base and started a fresh increase from the $215 level but lagged momentum like Bitcoin<\/a> and Ethereum<\/a>. There was a decent increase above the $218 and $220 resistance levels.<\/p>\n

There was a break above a connecting bearish trend line with resistance at $222 on the hourly chart of the SOL\/USD pair. The pair climbed above $225 and tested the 50% Fib retracement level of the downward move from the $234 swing high to the $215 low.<\/p>\n

However, the price is now facing many hurdles near $225. Solana is now trading below $225 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $225 level.<\/p>\n

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

The next major resistance is near the $228 level or the 61.8% Fib retracement level of the downward move from the $234 swing high to the $215 low. The main resistance could be $230. A successful close above the $230 resistance level could set the pace for another steady increase. The next key resistance is $235. Any more gains might send the price toward the $250 level.<\/p>\n

Another Decline in SOL?<\/h2>\n

If SOL fails to rise above the $228 resistance, it could start another decline. Initial support on the downside is near the $220 level. The first major support is near the $215 level.<\/p>\n

A break below the $215 level might send the price toward the $205 zone. If there is a close below the $205 support, the price could decline toward the $200 support in the near term.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 The MACD for SOL\/USD is losing pace in the bullish 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 $220 and $215.<\/p>\n

Major Resistance Levels \u2013 $228 and $230.<\/p>","protected":false},"excerpt":{"rendered":"

Solana remained stable above the $215 level. SOL price is now recovering losses and facing hurdles near the $228 and $332 levels. SOL price started a fresh increase after it tested the $215 zone against the US Dollar. The price is now trading below $225 and the 100-hourly simple moving average. There was a break […]<\/p>\n","protected":false},"author":0,"featured_media":28691,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-28690","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\/28690"}],"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=28690"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/28690\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/28691"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}