{"id":1080,"date":"2024-11-05T06:00:21","date_gmt":"2024-11-05T06:00:21","guid":{"rendered":"https:\/\/ad-doge.com\/blog\/solana-sol-hints-at-bearish-shift-is-drop-on-the-horizon\/"},"modified":"2024-11-05T06:00:21","modified_gmt":"2024-11-05T06:00:21","slug":"solana-sol-hints-at-bearish-shift-is-drop-on-the-horizon","status":"publish","type":"post","link":"https:\/\/ad-doge.com\/blog\/solana-sol-hints-at-bearish-shift-is-drop-on-the-horizon\/","title":{"rendered":"Solana (SOL) Hints at Bearish Shift: Is Drop on The Horizon?"},"content":{"rendered":"<p><em>Solana trimmed gains and traded below the $172 support zone. SOL price is consolidating and might struggle to recover above the $165 resistance.<\/em><\/p>\n<ul>\n<li>SOL price started a fresh decline after it struggled near the $175 zone against the US Dollar.<\/li>\n<li>The price is now trading below $170 and the 100-hourly simple moving average.<\/li>\n<li>There is a key bearish trend line forming with resistance at $162 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 $155 and $150 support levels.<\/li>\n<\/ul>\n<h2>Solana Price Extends Losses<\/h2>\n<p>Solana price struggled to clear the $180 resistance and started a fresh decline like Bitcoin and Ethereum. There was a drop below the $175 and $172 support levels.<\/p>\n<p>The bears even pushed the price below $165 and tested the $155 support zone. A low was formed at $155 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $173 swing high to the $155 low.<\/p>\n<p>Solana is now trading below $162 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $160 level. The next major resistance is near the $162 level. There is also a key bearish trend line forming with resistance at $162 on the hourly chart of the SOL\/USD pair.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" class=\"wp-image-651625 size-full\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/11\/Solana_bc98de.png?resize=1024%2C478\" alt=\"Solana Price\" width=\"1024\" height=\"478\" loading=\"lazy\" \/><\/p>\n<p>The main resistance could be $165 or the 50% Fib retracement level of the downward move from the $173 swing high to the $155 low. A successful close above the $165 resistance level could set the pace for another steady increase. The next key resistance is $172. Any more gains might send the price toward the $180 level.<\/p>\n<h2>More Losses in SOL?<\/h2>\n<p>If SOL fails to rise above the $165 resistance, it could continue to move down. Initial support on the downside is near the $155 level. The first major support is near the $150 level.<\/p>\n<p>A break below the $150 level might send the price toward the $135 zone. If there is a close below the $135 support, the price could decline toward the $124 support in the near term.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD \u2013 The MACD for SOL\/USD is losing 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 $155 and $150.<\/p>\n<p>Major Resistance Levels \u2013 $162 and $165.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana trimmed gains and traded below the $172 support zone. SOL price is consolidating and might struggle to recover above the $165 resistance. SOL price started a fresh decline after it struggled near the $175 zone against the US Dollar. The price is now trading below $170 and the 100-hourly simple moving average. There is&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1081,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[174,109,251,177,117,123],"class_list":["post-1080","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:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/1080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/comments?post=1080"}],"version-history":[{"count":0,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/1080\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media\/1081"}],"wp:attachment":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media?parent=1080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/categories?post=1080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/tags?post=1080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}