Solana started a new decline below the $165 zone. SOL price is now consolidating losses below USD 165 and could decline further below USD 150.
- The SOL price started a new decline below USD 165 and USD 162 against the US dollar.
- The price is now trading below $165 and the 100-hour moving average.
- A major bearish trendline is forming with resistance at $158 on the hourly chart of the SOL/USD pair (Kraken data source).
- The price could stage a recovery wave if the bulls defend $150 or $145.
Solana price drops heavily
Solana price failed to hold steady above $180 and started a new decline, just like Bitcoin and Ethereum. SOL fell below the USD 175 and USD 165 support levels.
The price gained bearish momentum below $160. A low was formed at $145, and the price is now consolidating losses. The price recovered a few points above the 23.6% Fib retracement level of the downward move from the $188 swing high to the $145 low.
Solana is now trading below $160 and the 100-hour moving average. On the upside, immediate resistance is around the $158 level. There is also a major bearish trendline forming with resistance at $158 on the hourly chart of the SOL/USD pair.
The next major resistance is around the $162 level. Key resistance could be at $166 and the 50% Fib retracement level of the downward move from the $188 swing high to the $145 low. A successful close above the $166 resistance zone could set the pace for another steady rise. The next major resistance is $175. Any further gains could send the price towards the USD 180 level.
Another drop in the SOL?
If SOL fails to rise above the USD 166 resistance, the price could continue to decline. The initial downside support is near the $155 zone. The first major support is near the $150 level.
A break below the $150 level could send the price towards the $145 support zone. If there is a close below the $145 support, the price could fall towards the $132 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major support levels – USD 155 and USD 150.
Major resistance levels – $162 and $166.