Key takeaways
- Solana’s native token SOL fell about 1% in the past 24 hours and is trading near $160 after dipping to $146 on Tuesday.
- If the recovery continues, the cryptocurrency could retest the $170 level.
SOL rebounds after Tuesday’s sell-off
SOL, the native token of the Solana ecosystem, is trading around $160 after suffering significant losses on Tuesday. The token plunged to $146 on Tuesday, wiping out the August 4 low before beginning a rebound.
Over the past few hours SOL has gained nearly 5% and is currently trading at about $159 per token. This uptick comes as the broader cryptocurrency market recovers from the earlier sell-off.
Bitcoin briefly slipped below $100,000 on Tuesday but has since recovered and is trading above $102,000. Ether also recovered above the $3,300 level after testing the psychological $3,000 threshold.
SOL could reach $170 amid market recovery
The four-hour SOL/USD chart remains bearish overall, reflecting the token’s weaker performance in recent days. Technical indicators are still tilted to the downside but show early signs of stabilization.
A 4-hour RSI reading around 32 indicates SOL is in oversold territory, which could provide room for a short-term bounce. The MACD lines remain in bearish territory, signaling ongoing selling pressure.
If the current recovery continues, SOL may rise toward the first significant resistance near $170 in the coming hours. A more sustained rally could push the token toward the $188 high.
Conversely, if buyers fail to hold SOL above the psychological $150 level, the token could slide toward the June 27 low near $136. At the moment the trend appears to be shifting upward, and buyers may regain control. If daily support levels hold, SOL could climb further over the next hours and days.