CandleFocus Solana (SOL) Slides to Support: Bulls Ready to Defend?
2024-11-01
Author: Content Editor
Solana (SOL) has experienced a decline in price, trading below the $175 support zone and approaching the $165 support level. The bears pushed the price below $172 and tested the $165 support level, with a low formed at $165. Currently, the price is consolidating losses below the 23.6% Fib retracement level. Solana is trading below the 100-hourly simple moving average and faces resistance near the $170 level. The main resistance is around $175, with the next key resistance at $182. However, if the price fails to rise above the $170 resistance, it could continue to decline. The initial support level is near $165, with the first major support at $162. A break below $162 could lead to further decline toward the $150 zone, and if the $150 support is broken, the price may decline toward $135. The technical indicators, including MACD and RSI, are signaling bearish momentum for SOL.
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