Solana (SOL) Teeters on the Edge: Is a Steep Decline Next?
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, like Bitcoin and Ethereum . There was a move below the $200 and $192 support levels.
The price even dipped below the $185 support. A low was formed at $182.20, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $223 swing high to the $182 low.
Solana is now trading below $192 and the 100-hourly simple moving average. There is also a connecting bearish trend line forming with resistance at $190 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance near the $190 level.
Source: SOLUSD on TradingView.comThe next major resistance is near the $192 level. The main resistance could be $200 or the 50% Fib 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 pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $225 level.
Another Decline in SOL?
If SOL fails to rise above the $192 resistance, it could start another decline. Initial support on the downside is near the $182 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $175 zone. If there is a close below the $175 support, the price could decline toward the $162 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone.
Hourly Hours 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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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