Solana started a fresh decline against the USD 155 resistance. SOL price is down more than 10%, but the bulls are now protecting the USD 132 support.
- The SOL price started a strong decline following the USD 155 resistance against the US dollar.
- The price is now trading below $145 and the 100-hour moving average.
- There was a break below a connecting bullish trendline with support at $150 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could correct losses unless bulls struggle to protect the $132 support.
Solana Price Diving 10%
Solana price struggled to hold higher above the USD 155 resistance. SOL responded to the downtrend and fell below the USD 150 support. There was a break below a connecting bullish trendline with support at $150 on the hourly chart of the SOL/USD pair.
The pair gained bearish momentum below the $145 support and has fallen well ahead of Bitcoin and Ethereum over the past two sessions. There was a decline towards the $132 support zone. A low was formed at $132.17 and the price is now trying to make a recovery wave.
There was a move above the USD 135 level. The price is now approaching the 23.6% Fib retracement level from the recent decline from the $154.74 swing high to the $132.17 low.
Solana is now trading well below the $145 level and the 100-hour moving average. If another rise occurs, the price may encounter resistance near the $138 level. The next major resistance is near the $143.50 level and the 50% Fib retracement level of the recent decline from the $154.74 swing high to the $132.17 low.
A successful close above the resistance at $143.50 could set the pace for another steady rise. The next major resistance is near USD 150. Any further gains could send the price towards the USD 155 level.
Lose more in SOL?
If SOL fails to rise above the USD 143.50 resistance, it could trigger a fresh decline. The initial downside support is near the USD 135 level.
The first major support is near the USD 132 level, below which the price could test USD 125. If there is a close below the USD 125 support, the price could fall towards the USD 112 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 135 and USD 132.
Major resistance levels – $143.50 and $150.