Solana (SOL) Dips Into the Red – Healthy Correction or Trend Reversal?
Solana started to drop from the $200 area. SOL prices have fallen by more than 10%, and may even be difficult to maintain a support zone of more than $175.
- The Sol Price is down below the $200 and $185 levels.
- Now the price is trading below the $185 and the 100-hour simple moving average.
- In the hourly chart of the SOL/USD pair, there is a connected bearish trend line with a resistance of $182 (from Kraken’s data source).
- If the Bulls cleared the $185 area, the two could start a new growth.
Solana prices drop further
Solana Price struggles to clear $205 resistance and starts a new decline, underperforming Bitcoin and Ethereum. SOL has dropped to support levels of $200 and $192.
It’s even below the $185 level. The recent low formed at $174, and the current price is a consolidation loss, bearish angle below the 23.6% FIB retracement level, thus shifting from $205 Swing High to $174 Swing Low.
Solana is now trading below $185, while the 100-hour simple moving average. On the plus side, the price is facing resistance at the $182 level. On the hourly chart of the SOL/USD pair, there is also a connected bearish trend line with a resistance of $182.
The next major resistor is close to the $185 level. The main resistance could be $190, while the decline in 50% FIB retracement level is from a swing of $205 to a swing low of $174.
A successful shutdown of the resistor zone above $190 may set the pace for another steady growth. The next key resistance is $198. More gains may shift the price to the $205 level.
Another decline in SOL?
If the SOL fails to exceed $185 resistance, it may drop again. The initial support for the disadvantages is near the $174 area. The first major support is close to $170.
Rests below $170 may shift the price to the $165 area. If it is close to the $165 support, the price may drop to $150 support in the short term.
Technical Indicators
Hourly MACD – SOL/USD’s MACD is accelerating its pace in the bearish zone.
Hours and hours RSI (relative intensity index) – The RSI of SOL/USD is below level 50.
Main support levels – $174 and $170.
Major resistance levels – $182 and $185.
