- The SOL/USD is trading at 154 with a bearish bias, dropping -2.92% on Thursday.
- The 50-day exponential moving average is likely to provide significant resistance at $172 levels in the 4-hour time frame.
- Forex trading participants may look for a buy trade above the $150 level to target $165 and $177.
The SOL/USD is trading at 154 with a bearish bias, dropping -2.92% on Thursday. The SOL/USD coin pair failed to stop its early-day downward rally and picked up further offers below the $150 level even after the weaker USD price action. A weaker dollar typically has a positive impact on the SOL/USD pair. If you are wondering what to expect and where to buy SOL, let’s find out below…
The renewed selling pressure surrounding the SOL/USD pair was mainly sponsored by the reports suggesting a bug in Solana. The Solana engineers spotted a network bug that caused forking to start when the transaction load hit 400,000 TPS.
A Bug in Solana Triggers a Sell-off in SOL/USD
Engineers have been unable to quickly resolve this problem, which has led to transactions not processing blocks on the Solana blockchain. This put some downside pressure on the Solana coin. On the contrary, the latest buying bias in the crypto market has played a significant role in capping further losses for the SOL/USD coin.
Currently, the SOL/USD is trading at $154 with a bearish bias, dropping -2.92% so dar. However, the losses in the SOL/USD pair could be short-lived or temporary as the weaker US dollar helps the SOL/USD pair to limit its more profound losses.
Solana on a bearish mode despite a weaker dollar
The broad-based US dollar failed to extend its early-day bullish moves on the USD front and turned sour ahead of the European session. The US currency remained within tight ranges as the latest US inflation data raised doubts that the Federal Reserve would begin asset tapering in 2021. As a result, the recent declines in the US dollar have failed to provide any meaningful support to the SOL/USD coin pair, at least for the time being.
Bullish Bias in Bitcoin Underpins Solana
On the other hand, the SOL/USD pair could get some support from the positive developments in the crypto market. This was witnessed after the BTC price started a fresh increase above the $46,000 resistance against the US Dollar.
Moreover, BTC is now back above $47,000, but it is facing hurdles near $47,600. The Bitcoin/USD price remained well above the $45,000 mark.As a result, BTC started a fresh increase above the $46,000 resistance zone and the 100 hourly simple moving average.
SOL Price Prediction – Technical Levels
Support Resistance
155.194 179.514
140.757 189.397
130.874 203.834
Pivot Point: 165.077
SOL/USD Supported Over $150 – Where to Buy?
The SOL price prediction remains bullish above a support level of $150. On the 4-hour chart, SOL/USD is facing immediate resistance at the $165. A bullish breakout of $165 can extend a buying trend until the next resistance level of $177. However, the 50-day exponential moving average is likely to provide significant resistance at $172 levels in the 4-hour time frame.
On the bearish side, the pair is likely to find immediate support at the $150 level. A bearish break below this level can extend a strong selling trend until the 132.400 level. The leading technical indicator Stochastic RSI is holding in a buy zone, while the upward trendline supports a buying trend. At the same time, the 50 EMA is extending resistance at $172. Thus, there’s no clear direction for the SOL/USD pair right now.
Accordingly, forex trading participants may look for a buy trade above the $150 level to target $165 and $177. Alternatively, we can place a sell-stop below $150 to target $132 levels. All the best.
Where to Buy SOL/USD?
You can buy it on eToro. It’s one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
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