Solana started a fresh decline from the $180 zone. SOL price is down over 20% and might struggle to recover above the $150 resistance.
- SOL price started a fresh decline below the $162 and $150 levels against the US Dollar.
- The price is now trading below $150 and the 100-hourly simple moving average.
- There was a break below a connecting bullish trend line with support at $148 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 $150 zone.
Solana Price Dips Heavily
Solana price struggled to clear the $180 resistance and started a fresh decline, similar to Bitcoin and Ethereum. SOL declined below the $165 and $155 support levels.
It even dived below the $150 level, with a significant break below a connecting bullish trend line that had support at $148 on the hourly chart of the SOL/USD pair. The recent low was formed at $132, and the price is now consolidating losses with a bearish angle.
Currently, Solana is trading below $140 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $140 level. The next major resistance is near the $144 level, which coincides with the 23.6% Fib retracement level of the downward move from the $180 swing high to the $132 swing low.
The main resistance could be at $156, which corresponds to the 50% Fib retracement level of the downward move from the $180 swing high to the $132 swing low. A successful close above the $156 resistance zone could set the pace for another steady increase, with the next key resistance level being $165. Any more gains might send the price towards the $180 level.
More Losses in SOL?
If SOL fails to rise above the $148 resistance, it could start another decline. Initial support on the downside is near the $132 zone, with the first major support located around the $125 level.
A break below the $125 level might send the price towards the $120 zone. If there is a close below the $120 support, the price could decline towards the $102 support in the near 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 below the 50 level.
Major Support Levels – $132 and $125.
Major Resistance Levels – $148 and $156.
