Solana (SOL) price decline continues, will there be a recovery in June 2024?

Jakarta, Pintu News – Solana (SOL) has experienced a significant price drop from the $172 zone and now has the potential to drop further below the $155 level. Is there any hope for a recovery in the near future?

Solana Market Conditions (SOL)

Solana (SOL) failed to continue its rise above the $172 level and started a fresh decline, similar to Bitcoin (BTC) and Ethereum (ETH). SOL lost momentum and dropped below the $160 support level.

The price even dropped below the $155 level, with a new low forming near $150. However, SOL recently tried to bounce back by breaking back above the $155 level and passing the 23.6% Fibonacci retracement level of the last drop from $180 to $150.

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Technical Analysis: Challenges and Resistances

Solana (SOL) is currently trading below $160 and the 100-hour simple moving average. There is a key bearish trend line with resistance at $160 on the hourly chart of the SOL/USD pair. On the upside, SOL faces resistance near the $160 level and the trend line.

The next major resistance is near $165, which is close to the 50% Fibonacci retracement level of the last decline from $180 to $150. If it manages to break the $170 resistance zone, SOL could start a steady rise. The next key resistance is $172, and further gains will probably push the price towards $180.

Potential for Further Decline

If Solana (SOL) fails to break the $160 resistance, there is a possibility that the price will drop again. Initial support lies in the $155 zone, with the first major support near the $152 level. If the price breaks below the $152 level, SOL could be pushed towards the $145 zone. A close below the $145 support could result in a further drop towards the $132 support in the short term.

Technical Indicators: Bearish Signals Strengthen

The hourly MACD indicator for SOL/USD shows acceleration within the bearish zone, signaling that the selling pressure may still continue. Meanwhile, the hourly Relative Strength Index (RSI) for SOL/USD is below the 50 level, indicating that sellers have an edge over buyers at the moment. The key support levels are at $155 and $152, while the key resistance levels are $160 and $162.

Conclusion: The Future of Solana (SOL)

With the current unfavorable market conditions, the chances for Solana (SOL) price recovery seem to depend on its ability to break key resistances near the $160 and $170 levels. Investors and market watchers should monitor technical indicators and market dynamics to anticipate further price movements.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• NewsBTC. Solana (SOL) Continues to Fall 15%. Accessed on June 3, 2025
• Featured Image: Euronews