Solana failed to meet above $145 and took a dive. SOL price is now consolidating losses below USD 135 and could decline further below USD 130.
- The SOL price started a new decline below USD 138 and USD 135 against the US dollar.
- The price is now trading below $135 and the 100-hour moving average.
- A major bearish trendline is forming with resistance at $140 on the hourly chart of the SOL/USD pair (Kraken data source).
- The price could stage a recovery wave if the bulls defend $132 or $130.
Solana price drops again
Solana price failed to hold steady above $142 and started a new decline, just like Bitcoin and Ethereum. SOL fell below the USD 140 and USD 138 support levels.
The price gained bearish momentum below $135. A low was formed at $130, and the price is now consolidating losses. The price recovered a few points and climbed above the 23.6% Fib retracement level of the downward move from the $143 swing high to the $130 low.
Solana is now trading below $135 and the 100-hour moving average. On the upside, immediate resistance is around the $135 level. The next major resistance is near the $136 level or the 50% Fib retracement level of the downward move from the $143 swing high to the $130 low.
The main resistance could be at USD 140. There is also a major bearish trendline forming with resistance at $140 on the hourly chart of the SOL/USD pair. A successful close above the $140 resistance zone could set the pace for another steady rise. The next major resistance is $144. Any further gains could send the price towards the USD 150 level.
Another drop in the SOL?
If SOL fails to rise above the $136 resistance, the price could continue to decline. The initial downside support is near the $132 zone. The first major support is near the $130 level.
A break below the $130 level could send the price towards the $122 support zone. If there is a close below the $122 support, the price could fall towards the $115 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 132 and USD 130.
Major resistance levels – $136 and $140.