Solana (SOL) Price Struggles Below $162 and $150, Faces Triple-Top Pattern

Solana (SOL) is struggling below $162 and $150. The recent decline mounted pressure on the bulls to protect the $135 support.

Solana (SOL) price attempted another increase above the $150 pivot, but the bears were active again near the $162 resistance. A high was formed at $162.10 and SOL started another decline. There was a drop below the $155 and $150 support levels. The even spiked below the 50% Fib retracement level of the upward move from the $120 swing low to the $162 high.

Solana is now struggling to stay above the 50-day simple moving average (blue). More importantly, there are chances of a triple-top pattern near the $162 resistance zone. Immediate support is near the $140 level. The first major support sits near the $135 level. There is also a connecting bullish trend line forming with support at $135 on the daily chart. The trend line is close to the 61.8% Fib retracement level of the upward move from the $120 swing low to the $162 high.

The next major support is near the $130 level. A downside break below the $130 support might resend the price toward the main support at $120 (a multi-touch zone). Any more losses could spark a move toward the $105 support.

Another Increase In SOL?

Conversely, Solana Bulls might defend the $135 support. Immediate resistance sits near the $150 level. The first major resistance sits near the $155 level. A clear move above the $155 level could send SOL toward the main hurdle at $162.

A successful daily close above the $162 resistance and then a follow-up move above the $165 level could set the tone for another rally. The next major resistance is at $185, above which the bulls might aim for $200.

Recently, Solana demonstrated Solana Pay at Breakpoint 2024 powered by Venta, a seamless solution for in-person payments.

Solana Pay in action IRL at Breakpoint ft. @venta_xyz pic.twitter.com/h9nNKUz6ei

Overall, SOL price is showing a few bearish signs below $162 and $155. A downside break below the $135 and $130 levels could spark a major decline.

The above is the detailed content of Solana (SOL) Price Struggles Below $162 and $150, Faces Triple-Top Pattern. For more information, please follow other related articles on the PHP Chinese website!