{"id":649412,"date":"2024-10-23T05:08:54","date_gmt":"2024-10-23T05:08:54","guid":{"rendered":"https:\/\/wncen.com\/?p=649412"},"modified":"2024-10-23T03:51:08","modified_gmt":"2024-10-23T03:51:08","slug":"solana-sol-correction-162","status":"publish","type":"post","link":"https:\/\/wncen.com\/analysis\/solana-sol-correction-162\/","title":{"rendered":"Solana (SOL) Hints at Downside Correction: Can It Hold Key Support?"},"content":{"rendered":"<p><em>Solana struggled to clear the $172 resistance zone. SOL price is correcting gains and might soon test the $162 support zone.<\/em><\/p>\n<ul>\n<li>SOL price is correcting gains from the $172 resistance zone against the US Dollar.<\/li>\n<li>The price is now trading above $162 and the 100-hourly simple moving average.<\/li>\n<li>There was a break below a connecting bullish trend line with support at $166 on the hourly chart of the SOL\/USD pair (data source from Kraken).<\/li>\n<li>The pair could revisit the $162 support zone before the bulls take a stand.<\/li>\n<\/ul>\n<h2>Solana Price Eyes Retest of Support<\/h2>\n<p>Solana price climbed above the $150 and $155 levels. SOL gained pace after there was a close above the $162 resistance level. However, the bears were active near the $172 zone.<\/p>\n<p>The price started a downside correction from the $171 high like <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-pauses-66500\/\" target=\"_blank\" rel=\"noopener \">Bitcoin<\/a> and <a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-price-battles-2650\/\" target=\"_blank\" rel=\"noopener \">Ethereum<\/a>. There was a move below the $168 level. The price declined below the 50% Fib retracement level of the upward move from the $161.23 swing low to the $171.00 high.<\/p>\n<p>Besides, there was a break below a connecting bullish trend line with support at $166 on the hourly chart of the SOL\/USD pair. Solana is now trading above $162 and the 100-hourly simple moving average.<\/p>\n<figure id=\"attachment_649413\" aria-describedby=\"caption-attachment-649413\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/Solana_728695.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-649413 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/Solana_728695.png?resize=1024%2C478\" alt=\"Solana Price \" width=\"1024\" height=\"478\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/Solana_728695.png?w=1835 1835w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/Solana_728695.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/Solana_728695.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/Solana_728695.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/Solana_728695.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/Solana_728695.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/Solana_728695.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-649413\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/SOLUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">SOLUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p>On the upside, the price is facing resistance near the $168 level. The next major resistance is near the $170 level. The main resistance could be $172. A successful close above the $170 and $172 resistance levels could set the pace for another steady increase. The next key resistance is $180. Any more gains might send the price toward the $188 level.<\/p>\n<h2>More Losses in SOL?<\/h2>\n<p>If SOL fails to rise above the $170 resistance, it could start another decline. Initial support on the downside is near the $164 level or the 76.4% Fib retracement level of the upward move from the $161.23 swing low to the $171.00 high.<\/p>\n<p>The first major support is near the $162 level. A break below the $162 level might send the price toward the $155 zone. If there is a close below the $155 support, the price could decline toward the $150 support in the near term.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD \u2013 The MACD for SOL\/USD is gaining 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 $164 and $162.<\/p>\n<p>Major Resistance Levels \u2013 $168 and $172.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana struggled to clear the $172 resistance zone. SOL price is correcting gains and might soon test the $162 support zone. SOL price is correcting gains from the $172 resistance zone against the US Dollar. The price is now trading above $162 and the 100-hourly simple moving average. There was a break below a connecting bullish trend line with support at $166 on the hourly chart of the SOL\/USD pair (data source from Kraken). The pair could revisit the $162 support zone before the bulls take a stand. Solana Price Eyes Retest of Support Solana price climbed above the $150 and $155 levels. SOL gained pace after there was a close above the $162 resistance level. However, the bears were active near the $172 zone. The price started a downside correction from the $171 high like Bitcoin and Ethereum. There was a move below the $168 level. The price declined below the 50% Fib retracement level of the upward move from the $161.23 swing low to the $171.00 high. Besides, there was a break below a connecting bullish trend line with support at $166 on the hourly chart of the SOL\/USD pair. Solana is now trading above $162 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $168 level. The next major resistance is near the $170 level. The main resistance could be $172. A successful close above the $170 and $172 resistance levels could set the pace for another steady increase. The next key resistance is $180. Any more gains might send the price toward the $188 level. More Losses in SOL? If SOL fails to rise above the $170 resistance, it could start another decline. Initial support on the downside is near the $164 level or the 76.4% Fib retracement level of the upward move from the $161.23 swing low to the $171.00 high. The first major support is near the $162 level. A break below the $162 level might send the price toward the $155 zone. If there is a close below the $155 support, the price could decline toward the $150 support in the near term. Technical Indicators Hourly MACD \u2013 The MACD for SOL\/USD is gaining pace in the bearish zone. Hourly Hours RSI (Relative Strength Index) \u2013 The RSI for SOL\/USD is below the 50 level. Major Support Levels \u2013 $164 and $162. Major Resistance Levels \u2013 $168 and $172.<\/p>\n","protected":false},"author":67,"featured_media":639133,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[12837,83626,89318,86410,83627],"class_list":["post-649412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-sol","tag-solana","tag-solbtc","tag-solusd","tag-solusdt"],"acf":[],"yoast_head":"\n<title>Solana (SOL) Hints at Downside Correction: Can It Hold Key Support?<\/title>\n<meta name=\"description\" content=\"Solana struggled to clear the $172 resistance zone. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Solana (SOL) Hints at Downside Correction: Can It Hold Key Support?","url":"http:\/\/wncen.com\/analysis\/solana-sol-correction-162\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/analysis\/solana-sol-correction-162\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/Solana-Red.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/Solana-Red.jpg?fit=1792%2C1024"},"articleSection":"Technical analysis","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["sol","solana","solbtc","solusd","solusdt"],"dateCreated":"2024-10-23T05:08:54Z","datePublished":"2024-10-23T05:08:54Z","dateModified":"2024-10-23T05:08:54Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Solana (SOL) Hints at Downside Correction: Can It Hold Key Support?\",\"url\":\"http:\\\/\\\/wncen.com\\\/analysis\\\/solana-sol-correction-162\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/analysis\\\/solana-sol-correction-162\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Solana-Red.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Solana-Red.jpg?fit=1792%2C1024\"},\"articleSection\":\"Technical analysis\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"sol\",\"solana\",\"solbtc\",\"solusd\",\"solusdt\"],\"dateCreated\":\"2024-10-23T05:08:54Z\",\"datePublished\":\"2024-10-23T05:08:54Z\",\"dateModified\":\"2024-10-23T05:08:54Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/Solana-Red.jpg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/649412"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=649412"}],"version-history":[{"count":2,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/649412\/revisions"}],"predecessor-version":[{"id":649415,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/649412\/revisions\/649415"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/639133"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=649412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=649412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=649412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}