Solana Price Drops 3% After Failing to Break $162 Resistance

Solana (SOL) has recently experienced a pullback, with buyers attempting to defend the $155 line. This development comes as several major altcoins have broken above their overhead resistance levels, indicating the start of a new uptrend. Solana completed a bullish inverse head and shoulders pattern on a close above $159 on Thursday, and the bulls successfully defended the retest of the breakout level on Saturday. There is minor resistance at $168, but if this level is crossed, the SOL/USDT pair could reach $185. Sellers are expected to defend the $185 level vigorously, as a failure to do so could see the pair surge toward $210 and then to $220. The 20-day exponential moving average (EMA) at $155 is the crucial support to watch on the downside. Sellers will need to pull and maintain the price below this level to indicate a potential comeback. The current situation suggests that buyers are trying to maintain the price above $155, which is a critical support level. If they succeed, it could signal the continuation of the uptrend. However, if the price falls below $155, it could indicate a shift in market sentiment, potentially leading to further declines. The outcome of this battle between buyers and sellers will be crucial in determining the short-term direction of Solana's price.

Solana price started a fresh upward move above the $155 and $160 levels against the US Dollar. The price is now trading below $162 and the 100-hourly simple moving average. There was a break below a key bullish trend line with support at $162 on the hourly chart of the SOL/USD pair. Solana is now trading below $162 and the 100-hourly simple moving average. It is also trading below the 76.4% Fib retracement level of the upward move from the $158 swing low to the $168 high. The price is now approaching the $158 support. On the upside, the price is facing resistance near the $160 level. The next major resistance is near the $162 level. The main resistance could be $1685. A successful close above the $168 resistance zone could set the pace for another steady increase. The next key resistance is $178. Any more gains might send the price toward the $185 level.

If SOL fails to rise above the $162 resistance, it could start another decline. Initial support on the downside is near the $158 zone. The first major support is near the $155 level. A break below the $155 level might send the price toward the $150 zone. If there is a close below the $150 support, the price could decline toward the $145 support in the near term. The hourly MACD for SOL/USD is gaining pace in the bearish zone. The hourly RSI for SOL/USD is below the 50 level. Major support levels are $158 and $155. Major resistance levels are $162 and $168.