Solana Faces Resistance, Eyes Key Support Levels
- Solana price failed to maintain above $146, starting a downside correction below $145 against the US Dollar.
- The SOL price is trading below the $145 mark and the 100-hourly simple moving average.
- Support is forming near $141 on the hourly chart of the SOL/USD pair, with major support at $140.
- Resistance levels are identified at $144, $146, and potentially $148 for an upward move.
- A break below the $140 level could lead to further declines toward the $132 support zone.
Solana’s price correction follows a pattern similar to other cryptocurrencies like Bitcoin and Ethereum, highlighting its struggle to surpass key resistance levels while maintaining crucial support zones. The current trading dynamics suggest a potential for further losses if critical supports are breached.
With Solana trading below significant resistance points such as $146 and facing challenges in maintaining above key support levels like $140, market participants are closely watching for any shifts that might indicate a trend reversal or deeper decline. (Source)
