Solana Price Analysis: SOL Faces Resistance at $155
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Solana (SOL) has recently experienced a period of price fluctuation. After a recovery surge above the $150 level, driven by similar upward trends in Bitcoin and Ethereum, SOL's price increase stalled near the $155 resistance. This resistance level proved significant, preventing a sustained move above the 76.4% Fibonacci retracement level of the recent downward trend from $160 to $144. The price is currently consolidating near $152, slightly below the 100-hourly simple moving average, and a key bullish trend line provides support at $151. Should SOL break above the $156 resistance, a further increase is anticipated, potentially reaching $160, $162, and even $165. However, failure to surpass the $155 resistance could trigger another price decline. Support levels are identified at $150, $146, and $142, with a potential drop to $136 if the $142 support is broken. Technical indicators paint a mixed picture. The hourly MACD is losing momentum in the bullish zone, while the RSI is below the 50 level, suggesting a weakening bullish trend. In short, Solana's price action remains uncertain, caught between bullish support and significant resistance levels. The next few days will be critical in determining whether SOL can sustain its recent recovery or succumb to further bearish pressure.
(Source: https://www.newsbtc.com/analysis/solana-sol-cools-155/)