Solana failed to clear $205 resistance and trimmed gains. SOL price is now below $192 and showing some bearish signs.
- SOL price started a recent decline after failing to stay above $200 against the US dollar.
- The price is now trading below $192 and the 100-hour simple moving average.
- There is a connecting bearish trend line with resistance at $190 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 $192 zone.
The price of Solana fell again
Solana price struggles to clear the $200-$205 zone and initiates a fresh decline, viz. Bitcoin And ethereum. There was a move below the $200 and $192 support levels.
The price also fell below the $185 support. A low was made at $182.20, and price is now consolidating losses below the 23.6% Fib retracement level of the $223 swing high to $182 low.
Solana is now trading below $192 and the 100-hourly simple moving average. There is also a connecting bearish trend line 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. Key resistance could be the 50% Fib retracement level of a move down from the $200 or $223 swing high to the $182 low. A successful close above the $200 resistance zone could set the pace for another sustained rally. The next major resistance is $212. Any further gains could send the price towards the $225 level.
Another drop in SOL?
If SOL fails to break above the $192 resistance, it could initiate 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 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 – $182 and $180.
Key resistance levels – $190 and $192.
