Solana (SOL) Sees Red—What’s Next for the Price?
Solana started to drop from the $162 area. SOL prices have fallen more than 15% and may be difficult to recover the $150 resistance.
- The Sol Price is down below the $162 and $150 levels.
- The price is now below $150, while the 100-hour simple moving average.
- On the hourly chart of the SOL/USD pair (Kraken’s data source), there is a connected bearish trend line with a resistance of $144.
- If the Bulls clear the $150 area, the two may start a new growth.
Solana prices drop sharply
Solana Price struggles to clear $185 resistance and starts a new decline, underperforming Bitcoin and Ethereum. SOL fell below the support levels of $162 and $150.
It’s even below the $135 level. The recent low is formed at $131 and the current price is consolidating losses from a bearish perspective. The 23.6% FIB retracement level of the 23.6% FIB retracement level of the 23.6% FIB retracement level of the 23.6% FIB retracement level.
Solana is trading below $145 now, while the 100-hour simple moving average. On the plus side, the price is facing resistance at the $144 level. On the hourly chart of the SOL/USD pair, there is also a connected bearish trend line with a resistance of $144.
The next major resistor is close to the $150 level. The main resistance could be $152, while the decline in 50% FIB retracement level is from a swing high of $173 to a swing low of $131.
Successful closing of resistor zones above $152 can set the pace for another steady growth. The next key resistance is $160. More gains may shift the price to the $165 level.
Another decline in SOL?
If the SOL fails to exceed $145 resistance, it may drop again. The initial support for the disadvantage is around the $141 area. The first major support is close to $136.
Rests below $136 may send prices to the $131 area. If it is close to the $125 support, the price may drop to $120 support in the short term.
Technical Indicators
Hourly MACD – SOL/USD’s MACD lost 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 – $136 and $131.
Main resistance levels – $145 and $152.
