Solana failed to clear the $205 resistance and gains were cut. The price of SOL is now below $192 and showing some bearish signs.
- The price of SOL started a fresh decline after failing to stay above $200 against the US Dollar.
- The price is now trading below $192 and the 100-hourly simple moving average.
- A connecting bearish trend line is forming with resistance at $190 on the hourly chart of the SOL/USD pair (data source from Kraken).
- Both could start a new rally if the bulls clear the $192 area.
The price of Solana is going down again
Solana's price struggled to clear the $200-$205 range and started a fresh decline, as Bitcoin and Ethereum. There was a move below the $200 and $192 support levels.
The price was even below the $185 support. A low was formed at $182.20, and the price is now consolidating losses below the 23.6% Fib level of the move down from the $223 swing high to the $182 low.
Solana is now trading below $192 and the 100-hourly simple moving average. There is also a connecting bearish trend line forming with resistance at $190 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance near the $190 level.
The next major resistance is near the $192 level. The main resistance could be $200 or the 50% Fib level of the move down from the $223 swing high to the $182 low. A successful close above the $200 protection zone could set the pace for another steady rise. The next major resistance is $212. Any other benefits could push the price to $225.
Another decline in SOL?
If SOL does not rise above the $192 resistance, it could start another decline. Initial support on the downside 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 range. If there is a close below the $175 support, the price could decline towards the $162 support soon.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Key Support Levels – $182 and $180.
Key Resistance Levels – $190 and $192.
