Solana started a new decline under the support of $ 250. Sol Price is consolidating and can experience resistance near the levels of $ 235 and $ 242.
- Sol Price started a new decrease below $ 250 and $ 240 levels against the US dollar.
- The price is now traded under $ 240 and the 100-hour simple advancing average.
- There is an important bearish trend line that forms with resistance at $ 235 on the hour table of the SOL/USD pair (data source of Kraken).
- The couple could start a new increase if the bulls erase the $ 242 zone.
Solana -Price drops under $ 250
Solana Price struggled to erase the $ 260 resistance and started a new decrease, such as Bitcoin and Ethereum. Sol fell under the support levels of $ 250 and $ 242.
It even went below the $ 230 level. The recent low point was formed at $ 225 and the price is now losing to consolidation. It climbed a few points above the $ 230 level. It knew the 23.6% FIB retracement level of the downward movement of the $ 244 Swing high to $ 225 low.
Solana now acts under $ 240 and the 100-hour simple advancing average. At the top the price is confronted with resistance near the $ 235 level or the 50% FIB retracement level of the downward movement of the $ 244 Swing high to $ 225 low.
There is also an important bearish trend line that forms with resistance at $ 235 on the hour table of the SOL/USD pair. The next major resistance is close to the $ 242 level. The most important resistance can be $ 250. A successful closure above the $ 250 resistance zone could determine the pace for a new steady increase. The next key resistance is $ 260. More profits can send the price to the $ 275 level.
Another decline in Sol?
If Sol does not exceed $ 235 resistance, this can start a new decline. The first support on the other hand is near the $ 225 zone. The first major support is near the $ 222 level.
A break below the $ 222 level can send the price to the $ 212 zone. If there is an end under the support of $ 212, the price can fall to the $ 200 support in the short term.
Technical indicators
Hourly MacD – The MACD for SOL/USD loses pace in the bullish zone.
Hours -hours RSI (relative strength -index) -The RSI for SOL/USD is below the 50 level.
Important support levels – $ 225 and $ 222.
Important resistance levels – $ 235 and $ 242.