Solana (SOL) started a fresh decline below the $165 pivot zone. Currently, SOL price is attempting to recover but faces hurdles near the $165 resistance area.
The price initially dropped below $162 and $160 against the US Dollar and is now trading below $162 and the 100-hourly simple moving average (SMA). On the hourly chart of the SOL/USD pair (data source: Kraken), a new bearish trend line has formed, with resistance at $159.
### Solana Price Faces Hurdles
After extending losses below $150, Solana saw some bullish activity similar to Bitcoin and Ethereum. SOL tested the $145 zone before starting a recovery wave. It managed to move above the $150 and $155 resistance levels, climbing past the 23.6% Fibonacci retracement level of the downward move from the $188 swing high to the $145 low.
Despite this recovery, bears remain active near the $162-$165 resistance zone. The newly formed bearish trend line with resistance at $159 continues to cap upside momentum. SOL is still trading below $162 and the 100-hourly SMA.
On the upside, immediate resistance is near $160 and along the trend line, with the next major barrier around $162. The key resistance to watch is $165 — a successful close above this level could set the pace for another steady increase.
If SOL breaks above $165, the next key resistance lies near $172, corresponding to the 61.8% Fibonacci retracement level of the downward move from $188 to $145. Further gains could potentially push the price toward the $180 level.
### Potential for Further Decline
If SOL fails to break above the $160 resistance, downward pressure may resume. Initial support is near the $150 zone, followed by stronger support around $145.
A break below $145 could lead the price toward the $138 support area. Should the price close below $138, the next significant support level to watch is near $130, indicating further downside risk in the near term.
### Technical Indicators
– **Hourly MACD:** The MACD for SOL/USD is gaining momentum in the bearish zone, signaling continued downward pressure.
– **Hourly RSI (Relative Strength Index):** The RSI remains below the 50 level, suggesting weak buying momentum.
### Key Levels to Watch
– **Major Support Levels:** $150 and $145
– **Major Resistance Levels:** $160 and $165
In summary, Solana is at a critical juncture. Traders should watch for a decisive break above $165 to confirm a bullish reversal, while a failure to overcome $160 resistance could lead to further declines toward key support zones.
https://bitcoinethereumnews.com/tech/solana-sol-struggles-to-rebound-165-level-proves-tough-to-crack/