coinjournal.net
Key takeaways
- Solana’s $SOL is down 1% in the last 24 hours and is approaching $160 after dropping to $146 on Tuesday.
- The cryptocurrency could reclaim the $170 high if the recovery continues.
$SOL recovers from the Tuesday dump
$SOL, the native coin of the Solana ecosystem, is trading close to the $160 mark after recording massive losses on Tuesday. The coin dipped to the $146 mark on Tuesday, sweeping the low of August 4th before embarking on a recovery.
It has now added nearly 5% to its value over the last few hours and is now trading at $159 per coin. The positive performance comes as the broader cryptocurrency market recovers from the dump.
Bitcoin briefly dipped below $100k on Tuesday but has now recovered and is trading above $102k per coin. Ether is also trading above $3,300 after testing the $3k psychological level.
$SOL could rally to $170 amid market recovery
The $SOL/USD 4-hour chart is bearish and efficient as the cryptocurrency has underperformed in recent days. The technical indicators remain bearish but are showing signs of recovery.
The 4-hour RSI of 32 means that $SOL is currently in the oversold region. This could give it a breather and allow the coin to rally higher in the near term. The MACD lines are also within the bearish region, suggesting selling pressure.
If $SOL continues its recovery, it could rally towards the first major resistance level at $170 over the next few hours. An extended bullish run would allow the cryptocurrency to target the swing high at $188.
However, if the bulls fail to defend $SOL’s price above the $150 psychological level, the cryptocurrency could dip towards the June 27 low of $136. Currently, the trend is switching bullish, and buyers could regain control of the market. If the daily levels hold, $SOL could rally higher over the coming hours and days.