Solana failed to clear the USD 225 resistance and pare gains. The SOL price is now below $200 and showing some bearish signs.
- The SOL price started falling again after failing to stay above $220 against the US dollar.
- The price is now trading below $200 and the 100-hour moving average.
- A connecting bearish trendline is forming with resistance at $204 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could start a new rise if the bulls cross the $205 zone.
Solana price drops again
Solana price struggled to reach the $220-$225 zone and started a new decline, just like Bitcoin and Ethereum. There was a move below the USD 212 and USD 205 support levels.
The price even fell below the $200 mark. A low was formed at $196.73, 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 $196 low .
Solana is now trading below $200 and the 100-hour moving average. A connecting bearish trendline is also forming with resistance at $204 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance around the $204 level.
The next major resistance is near the $210 level or the 50% Fib retracement level of the downward move from the $223 swing high to the $196 low. The key resistance could be at $213. A successful close above the $213 resistance level could set the pace for another steady rise. The next major resistance is $225. Any further gains could send the price towards the USD 240 level.
Another drop in the SOL?
If SOL fails to rise above the USD 205 resistance, it could trigger another decline. The initial downside support is near the $196 level. The first major support is near the $188 level.
A break below the $180 level could send the price towards the $175 zone. If there is a close below the $175 support, the price could fall towards the $162 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 196 and USD 188.
Major resistance levels – $205 and $210.
