Solana started a new decline under the $ 112 support zone. Sol Price is now consolidating and may have trouble staying above the $ 100 support zone.
- Sol Price started a new fall in the $ 112 support zone against the US dollar.
- The price is now traded under $ 105 and the 100-hour simple advancing average.
- There was a break under an important contracting triangle with support for $ 118 on the hour table of the SOL/USD pair (data source of Kraken).
- The pair can accelerate lower if there is a break below the $ 100 support zone.
Solana -price drops more than 15%
Solana Price started a new decrease below $ 122 and $ 115 levels, such as Bitcoin and Ethereum. Sol even fell below the support level of $ 112 to enter a bearish zone.
There was a break under a key contraction -triangle with support for $ 118 on the hour table of the SOL/USD pair. The price fell by more than 15% and traded close to the $ 102 level. A low point was formed at $ 102 and the price recently started a consolidation phase.
The current price promotion is still very Bearish under 23.6% FIB retracement level of the downward movement from the $ 121 swing high to $ 102 low. Solana now acts below $ 105 and the 100-hour simple advancing average.
Moreover, the price is confronted with resistance near the $ 105 level. The next major resistance is near the $ 112 level or the 50% FIB racement level of the downward movement of the $ 121 swing high to $ 102 low. The most important resistance can be $ 116.
A successful closure above the $ 116 resistance zone could determine the pace for a new steady increase. The next key resistance is $ 120. More profits can send the price to the $ 125 level.
Another decline in Sol?
If Sol does not exceed $ 105 resistance, this can start a new decline. The first support on the other hand is near the $ 102 zone. The first major support is near the level of $ 100.
A break below the $ 100 level can send the price to the $ 92 zone. If there is an end under the support of $ 92, the price can fall to $ 84 support in the short term.
Technical indicators
Hourly MacD – The MACD for SOL/USD wins pace in the bearish zone.
Hours -hours RSI (relative strength -index) -The RSI for SOL/USD is below the 50 level.
Important support levels – $ 102 and $ 100.
Important resistance levels – $ 105 and $ 112.