Solana was unable to surpass the $205 resistance and saw a reduction in gains. Currently, SOL price is under $192 and displaying some bearish signals.
- Following its failure to maintain levels above $200 against the US Dollar, SOL price initiated a fresh decline.
- Currently, the price is trading below $192 and the 100-hourly simple moving average.
- On the hourly chart of the SOL/USD pair (data sourced from Kraken), a bearish trend line with resistance at $190 is taking shape.
- If bulls manage to surpass the $192 zone, a new increase in the pair could ensue.
Solana Price Faces Downtrend Again
The struggle to surpass the $200-$205 range led to a fresh decline in Solana price, similar to Bitcoin and Ethereum. Support levels at $200 and $192 were breached.
A drop below the $185 support level occurred, resulting in a low of $182.20. Presently, the price is consolidating losses below the 23.6% Fib retracement level from the $223 high to the $182 low.
SOL is currently below $192 and the 100-hourly simple moving average, with a bearish trend line forming at $190 on the hourly chart of the SOL/USD pair. Resistance near the $190 level is being faced by the price.
Next in line is major resistance near $192. The primary hurdle may be at $200 or the 50% Fib retracement level from the $223 high to the $182 low. A breakthrough above the $200 resistance zone could pave the way for a steady climb, with the next key resistance at $212. Further gains could propel the price towards $225.
Possible Further Decline in SOL?
If SOL fails to exceed the $192 resistance, another decline might be on the horizon. Initial support is around $182, followed by significant support near $180.
A breach beneath $180 could potentially lead the price downwards towards $175. A close under $175 support could bring the price closer to $162 support in the short term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is showing increasing bearish momentum.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD hovers below the 50 level.
Key Support Levels – $182 and $180.
Key Resistance Levels – $190 and $192.
