{"id":1108,"date":"2024-11-01T19:13:09","date_gmt":"2024-11-01T19:13:09","guid":{"rendered":"https:\/\/coinsvalue.net\/blog\/solana-sol-slides-to-support-bulls-ready-to-defend\/"},"modified":"2024-11-01T19:13:09","modified_gmt":"2024-11-01T19:13:09","slug":"solana-sol-slides-to-support-bulls-ready-to-defend","status":"publish","type":"post","link":"https:\/\/coinsvalue.net\/blog\/solana-sol-slides-to-support-bulls-ready-to-defend\/","title":{"rendered":"Solana (SOL) Slides to Support: Bulls Ready to Defend?"},"content":{"rendered":"<p><em>Solana trimmed gains and traded below the $175 support zone. SOL price is now approaching the $165 support and might bounce back in the near term.<\/em><\/p>\n<ul>\n<li>SOL price started a fresh decline after it struggled near the $185 zone against the US Dollar.<\/li>\n<li>The price is now trading below $172 and the 100-hourly simple moving average.<\/li>\n<li>There is a key bearish trend line forming with resistance at $172 on the hourly chart of the SOL\/USD pair (data source from Kraken).<\/li>\n<li>The pair could start a decent upward movement if it stays above the $165 and $162 support levels.<\/li>\n<\/ul>\n<h2>Solana Price Holds Support<\/h2>\n<p>Solana price struggled to clear the $185 resistance and started a fresh decline like Bitcoin and Ethereum. There was a drop below the $180 and $175 support levels.<\/p>\n<p>The bears even pushed the price below $172 and tested the $165 support zone. A low was formed at $165 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $183 swing high to the $165 low.<\/p>\n<p>Solana is now trading below $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $170 level. The next major resistance is near the $172 level. There is also a key bearish trend line forming with resistance at $172 on the hourly chart of the SOL\/USD pair.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" loading=\"lazy\" class=\"wp-image-651005 size-full\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/11\/Solana.png?resize=1024%2C478\" alt=\"Solana Price \" width=\"1024\" height=\"478\" \/><\/p>\n<p>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.<\/p>\n<h2>More Losses in SOL?<\/h2>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD \u2013 The MACD for SOL\/USD is gaining pace in the bearish zone.<\/p>\n<p>Hourly Hours RSI (Relative Strength Index) \u2013 The RSI for SOL\/USD is below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $165 and $162.<\/p>\n<p>Major Resistance Levels \u2013 $170 and $172.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana trimmed gains and traded below the $175 support zone. SOL price is now approaching the $165 support and might bounce back in the near term. SOL price started a fresh decline after it struggled near the $185 zone against the US Dollar. The price is now trading below $172 and the 100-hourly simple moving&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1109,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[175],"tags":[200,82,247,248,214,176],"class_list":["post-1108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technical-analysis","tag-sol","tag-solana","tag-solbtc","tag-solusd","tag-solusdt","tag-technical-analysis"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/1108","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=1108"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/1108\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/1109"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=1108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=1108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=1108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}