Key takeaways
- Solana’s SOL has fallen about 1% in the past 24 hours and is hovering near $160 after dipping to $146 on Tuesday.
- The cryptocurrency could reclaim a $170 peak if the current recovery continues.
SOL recovers after Tuesday decline
Solana’s native token SOL is trading near the $160 mark after experiencing significant losses on Tuesday. The token dropped to roughly $146 that day and brushed the August 4 low before beginning to recover.
Over the last few hours SOL has gained almost 5% and is now trading around $159 per coin. This improvement comes as broader cryptocurrency markets recover from the earlier sell-off.
Bitcoin briefly fell below $100,000 on Tuesday but has since rebounded and is trading above $102,000 per coin. Ether also recovered after testing the psychological $3,000 level and is now trading above $3,300.
SOL could rise to $170 amid market recovery
The SOL/USD 4-hour chart remains in a downtrend as the token underperformed in recent days. Technical indicators still point downward overall but are showing early signs of recovery.
The 4-hour relative strength index (RSI) sits around 32, indicating SOL is in oversold territory. That condition could provide a pause in selling pressure and open the way for the token to move higher in the near term. MACD lines are in bearish territory as well, suggesting continued selling pressure until momentum shifts.
If the recovery continues, SOL could push toward an initial major resistance near $170 in the coming hours. A sustained move higher would target a further swing around $188.
Conversely, if bulls fail to hold SOL above the psychological $150 level, the token could slide toward the June 27 low near $136. For now, momentum appears to be tilting toward a rebound, and buyers may regain control of the market. If daily levels remain intact, SOL has a chance to climb higher in the hours and days ahead.