Solana (SOL) Slides to Support: Bulls Ready to Defend?

The main resistance could be $175 or the 50% Fib retracement level of the downward move from the $183 swing high to the $165 low. A successful close above the $175 resistance level could set the pace for another steady increase. The next key resistance is $182. Any more gains might send the price toward the $185 level.

More Losses in SOL？

If SOL fails to rise above the $170 resistance, it could continue to move down. Initial support on the downside is near the $165 level. The first major support is near the $162 level.

A break below the $162 level might send the price toward the $150 zone. If there is a close below the $150 support, the price could decline toward the $135 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $165 and $162.

Major Resistance Levels – $170 and $172.