Key takeaways
- Solana’s SOL fell about 1% in the past 24 hours and is trading near $160 after dropping to $146 on Tuesday.
- If the recovery continues, the cryptocurrency could retake the $170 peak.
SOL recovers after Tuesday’s sell-off
SOL, the native token of the Solana ecosystem, is trading close to $160 after suffering heavy losses on Tuesday. The token dipped to $146, marking a low for August 4, before beginning a rebound.
Over the past few hours it has regained nearly 5% and is now trading around $159 per coin. This improvement aligns with a broader market recovery following the earlier sell-off.
Bitcoin briefly traded below $100k on Tuesday but has since recovered and is trading above $102k. Ether is also trading above $3,300 after testing the psychological $3,000 level.
SOL could climb to $170 amid market rebound
The SOL/USD 4-hour chart has been bearish as the token underperformed in recent days. Technical indicators remain tilted to the downside but are beginning to show signs of stabilization.
A 4-hour RSI reading of 32 indicates SOL is currently in oversold territory, which could offer a short-term reprieve and allow the token to move higher. The MACD lines are still in bearish territory, signaling ongoing selling pressure.
If the recovery continues, SOL could reach the first major resistance level at $170 in the coming hours. A stronger bullish run could push the token toward the swing high near $188.
However, if bulls fail to defend SOL above the psychological $150 level, the token could fall back toward the June 27 low of $136. At present the trend shows signs of bullishness, and buyers could regain control. If daily support holds, SOL may continue to rise over the next hours and days.