Is It Too Risky To Buy Solana (SOL) in April 2024?

Key Takeaways:`

• SOL price is showing a few bearish signs from the $210 resistance.
• It traded below a crucial bullish trend line with support at $190 on the daily chart.
• Solana could correct lower toward the $150 support and the 50-day simple moving average (blue).

NEW DELHI (CoinChapter.com) — Solana (SOL) failed to start another increase above the $200 resistance. It is correcting gains and might decline 20% to test the $150 support.

Solana Price Signals Downside

After a downside correction, Solana attempted a fresh increase above the $190 level. However, the bears remained active near the $200 resistance zone and protected more upsides. SOL is still performing better than Bitcoin and Ethereum, but there are now some bearish signs emerging.

Solana traded below a crucial bullish trend line with support at $190 on the daily chart. It is now consolidating near the 23.6% Fib retracement level of the upward move from the $79 swing low to the $210 high.

It seems like the bulls are struggling to keep the price above the $180 support zone. If there is a downside break and a daily close below the $180 support, there could be more downsides.

In the stated case, SOL might decline toward the $162 support. The first major support is seen near the 50-day simple moving average (blue) at $150. It is close to the 50% Fib retracement level of the upward move from the $79 swing low to the $210 high.

The $145-$150 support region is the key since it represents a multi-touch zone and the last major breakout zone. If the bulls fail to protect $150, the price could dive toward the $110 support.

Another Increase In SOL?

Conversely, Solana might start another increase either from $180 or after completing a downside correction at $150. Immediate resistance at present is visible on the daily chart at $190. The first major resistance is near the $200 level.

A convincing move above the $200 resistance might start a steady increase. The next key resistance sits at the $210 level, above which SOL could rally toward the $225 resistance. Any more gains might set the stage for a test of $240.

Recently, Solana shared details about Wormhole. It helps in connecting over 30+ blockchains and also bring an open economy to Solana.

Overall, SOL price is showing a few bearish signs below $200 and $190. If Solana bulls fail to protect the $180 support, there could be a move toward the $150 support in the coming days.