Key Takeaways
- Solana’s native token SOL slipped about 1% in the past 24 hours and is trading near $160 after falling to $146 on Tuesday.
- If the rebound continues, SOL could reclaim the $170 resistance level.
SOL recovers after Tuesday’s sharp drop
SOL, the native token of the Solana ecosystem, is trading close to the $160 mark after suffering significant losses on Tuesday. The coin fell to $146 on Tuesday, undercutting the August 4 low before staging a recovery.
Over the past few hours SOL has gained nearly 5% and is now trading around $159 per token. This improvement comes as the broader cryptocurrency market stabilizes following the sell-off.
Bitcoin briefly dipped below $100,000 on Tuesday but has since recovered and is trading above $102,000. Ether is also trading above $3,300 after briefly testing the $3,000 psychological level.
SOL could rise to $170 amid a market rebound
The 4-hour chart for SOL/USD has shown bearish tendencies as the token underperformed in recent days. Technical indicators remain tilted to the downside but are beginning to show signs of a turnaround.
A 4-hour RSI reading of 32 suggests SOL is currently in oversold territory, which could give the token room to bounce. The MACD lines are still in bearish territory, indicating continued selling pressure for now.
If the recovery gathers momentum, SOL could move toward the first major resistance level at $170 in the coming hours. A sustained rally would open the path to the swing high near $188.
Conversely, if bulls fail to defend SOL above the psychological $150 level, the token could retrace toward the June 27 low of $136. At present the trend appears to be turning upward, and buyers may regain market control. If daily support holds, SOL has a chance to extend gains over the next hours and days.