Solana (SOL) Teeters on the Edge: Is a Steep Decline Next?
Solana failed to break above the $205 resistance and pared gains. SOL price is currently below $192 and showing some bearish signs.
- SOL failed to stay above $200 against the US dollar and then began a new round of decline.
- The price is currently below $192 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance at $190 on the hourly chart of the SOL/USD pair (data source from Kraken).
- If the bulls break above the $192 area, the pair may start a fresh leg higher.
Solana price drops again
Solana price struggled to break above the $200-205 zone and started a new leg of decline, e.g. Bitcoin and Ethereum. It fell below the $200 and $192 support levels.
The price even fell below the $185 support. A low was formed at $182.20, and the price is now consolidating losses below the 23.6% Fibonacci retracement level of the move from the $223 swing high to $182 low.
Solana is currently trading below $192 and the 100 hourly simple moving average. There is also a bearish trend line forming with resistance at $190 on the hourly chart of the SOL/USD pair. On the bright side, the price faces resistance near $190.
The next major resistance is near $192. Major resistance is likely to be $200 or the 50% Fibonacci retracement level of the downside move from the $223 swing high to $182 low. A successful close above the $200 resistance zone could set the stage for another steady rise. The next key resistance level is $212. In case of further gains, the price may rise towards the $225 level.
SOL drops again?
If SOL fails to break above the $192 resistance, another decline could begin. Initial support on the downside is near $182. The first major support is located near $180.
A break below the $180 level could push the price towards the $175 area. If the price closes below the $175 support, the price may drop towards the $162 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major support levels – $182 and $180.
Major resistance levels – $190 and $192.
