Deniz 
Like Bitcoin and Ethereum, the Solana price dropped drastically below the $165 and $150 levels. It traded even below the $120 support before the bull’s arrival. A low developed at $109, and SOL has lately begun a wave of recovery.
One moved above the levels of $120 and $135 resistance. From the $184 swing high to the $109 low, the price rose above the 50% Fib retracing level of the downfall. On the hourly chart of the SOL/USD pair, it also broke above a crucial negative trend line with resistance around $136.
Solana is trading presently above both the 100-hour simple moving average and $145. Positively, the price is encountering opposition close to the $155 level. It approaches the 61.8% Fib retracing level of the negative movement from the $184 swing high to the $109 low.
Near the $166 level, the next significant opposition is A good close over the $166 resistance could determine the rate of another consistent rise. The next important resistance comes close to $184. Any more increases might take the price toward the $195 threshold.
SOL can initiate another downturn if it falls short of rising over the $155 resistance. Initial support on the downside falls close to $140. The first main help falls close to $135.
A breach below the $135 mark might guide the price toward $122. Should there be a closing below the $122 support, the price might drop in the near future toward the $110 support.
Technical Indicators:
Hourly MACD: The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index): The RSI for SOL/USD is above the 50 level.
Major Support Levels: $140 and $135.
Major Resistance Levels: $155 and $166.
SOL/ETH Hits New All Time High
Following a market upheaval that saw crypto prices fall sharply for the week, the SOL/ETH ratio—a gauge of the worth of one Solana token to one Ether token—has set a new all-time high.
According to TradingView data, the Solana to Ether ratio peaked on Aug. 6 at 0.0595.
It follows a severe $500 billion crypto sell-off brought on by macroeconomic uncertainty, outsized selling by Jump Crypto, and upheaval in established financial markets.
On Aug. 5, Ether dropped as much as 22%; Solana sank 36% within the same period.
Still, SOL’s price has risen 35% from a local low of $110 on Aug. 5 to $144 at the time of publication following the sell-off.
While the price of ETH bounced only 15%, it rallied from a yearly low of $2,157 to a price of $2,463 at the time of publication.
Previously, the SOL/ETH ratio had risen as high as 0.0591 in March during a significant price movement in Solana, which saw the asset momentarily notch a new all-time high in terms of market value.