🚀 Solana's Price Dips to $140: Is a Rebound on the Horizon?📈

📊 Market Snapshot:

- SOLUSDT up 3.09% 🔼

- SOLUSD up 3.03% 🔼

Solana (SOL) recently faced a downturn, correcting from its $162 resistance zone and slipping to the $140 mark. Investors are now keenly watching to see if SOL can muster a fresh rally above the $150 threshold. 🔍

🕵️ Price Movement Insights:

- Downside Correction: SOL began its descent below the $155 and $150 levels against the US Dollar, breaking a rising channel with support at $154 on the hourly SOL/USD chart. 📉

- Current Standing: Trading below $150 and the 100-hourly simple moving average, SOL touched a low of $141.29 and is now consolidating. 🛑

🔼 Potential Recovery Levels:

- Immediate Resistance: The $145 level poses the first hurdle, aligning with the 23.6% Fibonacci retracement of the recent drop from $158 to $141. 📶

- Key Resistance Zone: A significant barrier awaits at $150, corresponding to the 50% Fibonacci retracement of the mentioned move. Surpassing this could pave the way for targets at $155 and eventually $162. 🎯

🔽 Risks of Further Decline:

- Support Levels: Failure to breach the $150 resistance might see SOL testing supports at $142 and $140. A decisive break below $140 could usher in deeper corrections towards $132 and even $124. ⚠️

🛠️ Technical Indicators:

- MACD: Showing signs of slowing momentum in the bearish territory. 🐻

- RSI: Positioned below the 50 mark, indicating potential bearishness. 📉

Key Levels to Watch:

- **Support:** $142 and $135 🛡️

- Resistance: $150 and $155 🏹

Stay tuned for more updates as Solana navigates these critical price levels!
$SOL #Solana_Blockchain #SolanaUSTD