Solana has begun a new decline from the $200 zone. Sol Price is over 10% and can even struggle to surpass the $175 support zone.
- Sol Price has begun a new decline below the $200 and $185 levels against the US dollar.
- The price is currently trading below $185, a simple moving average of 100 hours.
- There is a bearish trend line connecting with hourly charts of Sol/USD pairs (Kraken data sources) with resistance formed at $182.
- Once the Bulls clear the $185 zone, the pair could begin a new increase.
Solana Price drops even further
Solana Price struggled to clear its $205 resistance and began a new decline, slowing the performance of Bitcoin and Ethereum. Sol fell below the $200 and $192 support levels.
It was below the $185 level. The recent lowest has formed at $174, and the price currently integrates losses at a bearish angle below the 23.6% FIB retracement level of downward movement from a swing high of $205 to a swing low of $174. .
Solana currently trades a simple moving average of 100 hours for under $185. The advantage is that the price faces resistance near the $182 level. There is also a connected bearish trendline that forms with $182 resistance on the hourly chart of the Sol/USD pair.
The next major resistance is close to the $185 level. The main resistance is $190, and a 50% FIB retracement level from a $205 Swing High to a $174 Swing Low could be a downward movement.
Successfully beyond the $190 resistance zone allows you to set another steady pace of growth. The next important resistance is $198. Any further profit could potentially send the price towards the $205 level.
Another reduction in SOL?
If the SoL does not rise above the $185 resistance, it may begin to decline. The initial support of the downside is near the $174 zone. The initial main support is close to the $170 level.
A break below the $170 level could send the price to the $165 zone. If it falls below $165 support, the price could drop towards $150 support in the short term.
Technical indicators
HOURLY MACD – SOL/USD's MACD is paced in the bear zone.
Hourly Hours RSI (Relative Strength Index) – SOL/USD RSI is below 50 level.
Key support levels – $174 and $170.
Major resistance levels – $182 and $185.
