Solana started a fresh decline from the $250 zone. SOL price is now showing bearish signs and might even decline toward the $200 support.
SOL price started a fresh decline below $240 and $230 against the US Dollar.
The price is now trading below $220 and the 100-hourly simple moving average.
There is a key bearish trend line forming with resistance at $222 on the hourly chart of the SOL/USD pair (data source from Kraken).
The price could extend losses if it stays below $215 and $222.
Solana Price Dips Again
Solana price failed to stay above $250 and started a fresh decline, like Bitcoin and Ethereum. SOL traded below the $240 and $232 support levels to enter a bearish zone.
The bears even pushed the price below $220 and the 100-hourly simple moving average. A low was formed at $207 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $254 swing high to the $207 low.
Solana is now trading below $220 and the 100-hourly simple moving average. Besides, there is a key bearish trend line forming with resistance at $222 on the hourly chart of the SOL/USD pair.
If there is a recovery wave, the price could face resistance near the $215 level. The next major resistance is near the $220 level or the trend line. The main resistance could be $230 or the 50% Fib retracement level of the downward move from the $254 swing high to the $207 low.
A successful close above the $230 resistance zone could set the pace for another steady increase. The next key resistance is $242. Any more gains might send the price toward the $250 level.
More Losses In SOL?
If SOL fails to rise above the $222 resistance, it could continue to move down. Initial support on the downside is near the $207 zone. The first major support is near the $202 level.
A break below the $202 level might send the price toward the $200 support zone. If there is a close below the $200 support, the price could decline toward the $184 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $202 and $200.
Major Resistance Levels – $215 and $222.
