{"id":908,"date":"2024-10-23T06:00:22","date_gmt":"2024-10-23T06:00:22","guid":{"rendered":"https:\/\/coinsvalue.net\/blog\/solana-sol-hints-at-downside-correction-can-it-hold-key-support\/"},"modified":"2024-10-23T06:00:22","modified_gmt":"2024-10-23T06:00:22","slug":"solana-sol-hints-at-downside-correction-can-it-hold-key-support","status":"publish","type":"post","link":"https:\/\/coinsvalue.net\/blog\/solana-sol-hints-at-downside-correction-can-it-hold-key-support\/","title":{"rendered":"Solana (SOL) Hints at Downside Correction: Can It Hold Key Support?"},"content":{"rendered":"<p><em>Solana struggled to clear the $172 resistance zone. SOL price is correcting gains and might soon test the $162 support zone.<\/em><\/p>\n<ul>\n<li>SOL price is correcting gains from the $172 resistance zone against the US Dollar.<\/li>\n<li>The price is now trading above $162 and the 100-hourly simple moving average.<\/li>\n<li>There was a break below a connecting bullish trend line with support at $166 on the hourly chart of the SOL\/USD pair (data source from Kraken).<\/li>\n<li>The pair could revisit the $162 support zone before the bulls take a stand.<\/li>\n<\/ul>\n<h2>Solana Price Eyes Retest of Support<\/h2>\n<p>Solana price climbed above the $150 and $155 levels. SOL gained pace after there was a close above the $162 resistance level. However, the bears were active near the $172 zone.<\/p>\n<p>The price started a downside correction from the $171 high like Bitcoin and Ethereum. There was a move below the $168 level. The price declined below the 50% Fib retracement level of the upward move from the $161.23 swing low to the $171.00 high.<\/p>\n<p>Besides, there was a break below a connecting bullish trend line with support at $166 on the hourly chart of the SOL\/USD pair. Solana is now trading above $162 and the 100-hourly simple moving average.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" class=\"wp-image-649413 size-full\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/10\/Solana_728695.png?resize=1024%2C478\" alt=\"Solana Price \" width=\"1024\" height=\"478\" loading=\"lazy\" \/><\/p>\n<p>On the upside, the price is facing resistance near the $168 level. The next major resistance is near the $170 level. The main resistance could be $172. A successful close above the $170 and $172 resistance levels could set the pace for another steady increase. The next key resistance is $180. Any more gains might send the price toward the $188 level.<\/p>\n<h2>More Losses in SOL?<\/h2>\n<p>If SOL fails to rise above the $170 resistance, it could start another decline. Initial support on the downside is near the $164 level or the 76.4% Fib retracement level of the upward move from the $161.23 swing low to the $171.00 high.<\/p>\n<p>The first major support is near the $162 level. A break below the $162 level might send the price toward the $155 zone. If there is a close below the $155 support, the price could decline toward the $150 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 $164 and $162.<\/p>\n<p>Major Resistance Levels \u2013 $168 and $172.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana struggled to clear the $172 resistance zone. SOL price is correcting gains and might soon test the $162 support zone. SOL price is correcting gains from the $172 resistance zone against the US Dollar. The price is now trading above $162 and the 100-hourly simple moving average. There was a break below a connecting&hellip;<\/p>\n","protected":false},"author":1,"featured_media":909,"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-908","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\/908","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=908"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/908\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/909"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}