Solana failed to stay above $200 and corrected gains. The SOL price is now trading below $200 and could fall further if it falls below $192.
- The SOL price started a downward correction below $200 against the US dollar.
- The price is now trading below $198 and the 100-hour moving average.
- There was a break below a bullish trendline with support at $198 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could extend losses if it falls below the $192 zone.
Solana price corrects some gains
Solana price started a decent increase after it broke above the $192 zone, beating Bitcoin and Ethereum. SOL climbed above the USD 198 level and entered a positive short-term zone.
The price even broke the $200 resistance. A high was formed around $205 and the price recently corrected some gains. There was a move below the 23.6% Fib retracement level of the upwave from the $177 swing low to the $205 high.
Moreover, there was a break below a bullish trendline with support at $198 on the hourly chart of the SOL/USD pair. Solana is now trading below $198 and the 100-hour moving average.
On the upside, the price is facing resistance around the $198 level. The next major resistance is around the $200 level. The key resistance could be at $205. A successful close above the $205 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 220 level.
Lose more in SOL?
If SOL fails to rise above the $200 resistance, it could trigger another decline. The initial downside support is near the $192 zone and the 50% Fib retracement level of the upward wave from the $177 swing low to the $205 high. The first major support is near the $188 level.
A break below the $188 level could send the price towards the $180 support zone. If there is a close below the $180 support, the price could fall towards the $166 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 192 and USD 188.
Major resistance levels – $200 and $205.