Solana (SOL) Price Analysis: Recovery Could Face Many Hurdles

• Solana price gained bearish momentum below the $140 level against the US Dollar.
• The price is now trading below $132 and the 55 simple moving average (4 hours).
• There is a key bearish trend line forming with resistance near $130 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
• The pair could recover, but the upsides might be limited above the $145 resistance.

Solana price is trading in a bearish zone below $140 against the US Dollar, like Bitcoin. SOL could extend losses if it stays below the $145 resistance zone.

Solana (SOL) Price Analysis

SOL price started a fresh decline below the $150 support zone. The price gained bearish momentum below the $140 support zone. The bears were able to push the price below the $132 and $125 support levels.

The recent low was formed near $121 and the price is now consolidating losses. It seems like the price might attempt a recovery wave above the $125 level or the 23.6% Fib retracement level of the downward move from the $159.78 swing high to the $121.00 low.

On the upside, immediate resistance is near the $130 level. There is also a key bearish trend line forming with resistance near $130 on the 4-hour chart of the SOL/USD pair.

The next major resistance is near the $134 level. A clear move above the $134 resistance level might call for a steady increase. The next major resistance sits near the $145 level or the 61.8% Fib retracement level of the downward move from the $159.78 swing high to the $121.00 low, above which the price might rise toward $155. Any more gains might send SOL price toward the $172 resistance zone.

On the downside, initial support is near the $120 level. A downside break below the $120 support level might spark a major drop. In the stated case, the price may perhaps decline toward the $105 level.

Solana (SOL) Price

Looking at the chart, Solana price is trading below $140 and the 55 simple moving average (4 hours). Overall, the price could recover, but the upsides might be limited above the $145 resistance.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Key Support Levels – $120 and $105.

Key Resistance Levels – $130, $134, and $145.

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