Solana started a new decrease in the $ 162 zone. Sol price drops by more than 15% and may have trouble recovering above $ 150.
- Sol Price started a new decrease below $ 162 and $ 150 levels against the US dollar.
- The price is now traded under $ 150 and the 100-hour simple advancing average.
- There is a connecting Bearish trend line that forms with resistance at $ 144 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 $ 150 zone.
Solana -Price is falling sharply
Solana Price struggled to erase $ 185’s resistance and started a new decrease, under performance Bitcoin and Ethereum. Sol fell under the support levels of $ 162 and $ 150.
It even went below the level of $ 135. The recent low point was formed at $ 131 and the price now consolidates losses with a bearish corner. There was a small wave of recovery above the 23.6% FIB retracement level of the downward movement of the $ 173 Swing high to $ 131 Swing low.
Solana now acts under $ 145 and the 100-hour simple advancing average. Moreover, the price is confronted with resistance near the level of $ 144. There is also a connecting Bearish trend line that forms with resistance at $ 144 on the hour table of the SOL/USD pair.
The next major resistance is near the $ 150 level. The most important resistance can be $ 152 and the 50% FIB retracement level of the downward movement of the $ 173 Swing High to $ 131 Swing Low.
A successful closure above the $ 152 resistance zone could determine the pace for a new steady increase. The next key resistance is $ 160. More profits can send the price to the $ 165 level.
Another decline in Sol?
If Sol does not exceed $ 145 resistance, this can start a new decline. The first support on the other hand is near the $ 141 zone. The first major support is close to the $ 136 level.
A break below the level of $ 136 can send the price to the $ 131 zone. If there is an end under the support of $ 125, the price can fall to $ 120 support in the short term.
Technical indicators
Hourly MacD – The MACD for SOL/USD loses pace in the bearish zone.
Hours -hours RSI (relative strength -index) -The RSI for SOL/USD is below the 50 level.
Important support levels – $ 136 and $ 131.
Important resistance levels – $ 145 and $ 152.