Solana failed to clear the $205 resistance and trimmed gains. SOL price is now below $192 and showing a few bearish signs.
- SOL price started a fresh decline after it failed to stay above $200 against the US Dollar.
- The price is now trading below $192 and the 100-hourly simple moving average.
- There is a connecting bearish trend line forming with resistance at $190 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if the bulls clear the $192 zone.
Solana Price Dips Again
Solana price struggled to clear the $200-$205 zone and started a fresh decline, much like Bitcoin and Ethereum. There was a move below the $200 and $192 support levels.
The price even dipped below the $185 support, forming a low at $182.20. It is now consolidating losses below the 23.6% Fibonacci retracement level of the downward move from the $223 swing high to the $182 low.
Currently, Solana is trading below $192 and the 100-hourly simple moving average. A bearish trend line is forming with resistance at $190 on the hourly chart of the SOL/USD pair. The price faces resistance near the $190 level, indicating potential difficulty for bulls aiming to regain momentum.
The next major resistance is near the $192 level, with additional resistance at $200 or the 50% Fibonacci retracement level of the downward move from the $223 swing high to the $182 low. A successful close above the $200 resistance zone could set the stage for another steady increase, targeting the $212 level next. Further gains might push the price toward the $225 level, an outcome that many traders are keenly anticipating.
Potential for Another Decline in SOL?
If SOL fails to rise above the $192 resistance, it may lead to another decline. Initial support is near the $182 level, with the first major support at $180.
A break below the $180 level could send the price toward the $175 zone. If a close below $175 occurs, the price may decline further toward the $162 support level in the short term.
Technical Indicators:
Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is currently below the 50 level, indicating bearish momentum.
Major Support Levels – $182 and $180.
Major Resistance Levels – $190 and $192.
