Can Solana (SOL) Overcome Key Resistance and Ignite a Fresh Increase?

Jun 3, 2024 04:00 am Cryptocurrency 54

Solana declined again and tested the $160 support zone. SOL price is consolidating and might recover if it clears the $166 resistance zone.

SOL price corrected lower and tested the $160 support zone against the US Dollar.

The price is now trading below $168 and the 100-hourly simple moving average.

There is a connecting bearish trend line forming with resistance at $165 on the hourly chart of the SOL/USD pair (data source from Kraken).

The pair could clear the $166 resistance unless it fails to stay above $160.

Solana Price Eyes Recovery

Solana price remained in a short-term bearish zone like Bitcoin and Ethereum. SOL tested the $160 support zone and now consolidating losses. It is stuck below the $165 level.

There was a minor move above the 23.6% Fib retracement level of the downward move from the $170 swing high ..

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