Solana failed to clear $225 resistance and trimmed gains. The SOL price is now below $200 and showing some bearish signs.
- SOL price started a fresh decline after failing to stay above $220 against the US dollar.
- The price is now trading below $200 and the 100-hourly simple moving average.
- There is a connecting bearish trend line with resistance at $204 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could initiate a fresh rally if the bulls clear the $205 zone.
The price of Solana fell again
Solana price struggles to clear the $220-$225 zone and initiates a fresh decline, viz. Bitcoin And ethereum. There was a move below the $212 and $205 support levels.
The price also fell below the $200 handle. A low was made at $196.73, and the price is now consolidating losses below the 23.6% Fib retracement level of the move down from the $223 swing high to the $196 low.
Solana is now trading below $200 and the 100-hour simple moving average. There is also a connecting bearish trend line with resistance at $204 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance near the $204 level.
The next major resistance is near the $210 level or the 50% Fib retracement level of the move down from the $223 swing high to the $196 low. The main resistance could be $213. A successful close above the $213 resistance level could set the pace for another sustained rally. The next major resistance is $225. Any further gains could send the price towards the $240 level.
Another drop in SOL?
If SOL fails to break above the $205 resistance, it could initiate another decline. Initial support on the downside is near the $196 level. The first major support is near the $188 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 may decline towards the $162 support in the near term.
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 – $196 and $188.
Key resistance levels – $205 and $210.
