Solana failed to clear the $205 resistance and pare gains. The SOL price is now below $192 and showing some bearish signs.
- The SOL price started falling again after failing to stay above $200 against the US dollar.
- The price is now trading below $192 and the 100-hour moving average.
- A connecting bearish trendline is forming with resistance at $190 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could start a new rise if the bulls cross the $192 zone.
Solana price drops again
Solana price struggled to reach the $200-$205 zone and started a new decline, just like Bitcoin and Ethereum. There was a move below the USD 200 and USD 192 support levels.
The price even fell below the $185 support. A low was formed at $182.20, 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 $182 low.
Solana is now trading below $192 and the 100-hour moving average. A connecting bearish trendline is also forming with resistance at $190 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance around the $190 level.
The next major resistance is around the $192 level. The key resistance could be $200 or the 50% Fib retracement level of the downward move from the $223 swing high to the $182 low. A successful close above the $200 resistance zone could set the pace for another steady rise. The next major resistance is $212. Any further gains could send the price towards the USD 225 level.
Another drop in the SOL?
If SOL fails to rise above the USD 192 resistance, it could trigger another decline. The initial downside support is near the $182 level. The first major support is near the $180 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 182 and USD 180.
Major resistance levels – $190 and $192.