Solana started a new decline below the $145 zone. SOL price is now consolidating losses below USD 140 and could decline further below USD 130.
- The SOL price started a new decline below USD 145 and USD 140 against the US dollar.
- The price is now trading below $140 and the 100-hour moving average.
- A major bearish trendline is forming with resistance at $136 on the hourly chart of the SOL/USD pair (Kraken data source).
- The price could stage a recovery wave if the bulls defend $130 or $128.
Solana price drops further
Solana price failed to hold steady above $155 and started a new decline, just like Bitcoin and Ethereum. SOL fell below the USD 150 and USD 140 support levels.
The price gained bearish momentum below USD 138. A low was formed at $128, 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 $143 swing high to the $128 low.
Solana is now trading below $140 and the 100-hour moving average. On the upside, immediate resistance is around the $136 level. There is also a major bearish trendline forming with resistance at $136 on the hourly chart of the SOL/USD pair.
The next major resistance is near the $140 level or the 76.4% Fib retracement level of the downward move from the $143 swing high to the $128 low. The key resistance could be at $142. A successful close above the $142 resistance zone could set the pace for another steady rise. The next major resistance is $150. Any further gains could send the price towards the USD 155 level.
Another drop in the SOL?
If SOL fails to rise above the $140 resistance, the price may continue to decline. The initial downside support is near the $130 zone. The first major support is near the $128 level.
A break below the $128 level could send the price towards the $120 support zone. If there is a close below the USD 120 support, the price could fall towards the USD 108 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 130 and USD 128.
Major resistance levels – $136 and $140.