Solana (SOL) Decline Intensifies — Bears Tighten Grip, Recovery Looks Unlikely

Solana started a fresh decline below the $180 ￰0￱ price is now consolidating losses below $175 and might decline further below $165. SOL price started a fresh decline below $180 and $175 against the US ￰1￱ price is now trading below $175 and the 100-hourly simple moving ￰2￱ is a key bearish trend line forming with resistance at $191 on the hourly chart of the SOL/USD pair (data source from Kraken). The price could start a recovery wave if the bulls defend $165 or $162. Solana Price Dips Further Solana price failed to remain stable above $185 and started a fresh decline, like Bitcoin and ￰3￱ declined below the $182 and $180 support ￰4￱ price gained bearish momentum below $175.

A low was formed at $163, and the price is now consolidating losses with a bearish angle below the 23.6% Fib retracement level of the downward move from the $188 swing high to the $163 ￰5￱ is now trading below $175 and the 100-hourly simple moving ￰6￱ the upside, immediate resistance is near the $170 ￰7￱ next major resistance is near the $175 level or the 50% Fib retracement level of the downward move from the $188 swing high to the $163 ￰8￱ main resistance could be $182. A successful close above the $182 resistance zone could set the pace for another steady ￰9￱ next key resistance is $190. There is also a key bearish trend line forming with resistance at $191 on the hourly chart of the SOL/USD ￰10￱ more gains might send the price toward the $200 ￰11￱ Decline In SOL?

If SOL fails to rise above the $175 resistance, it could continue to move ￰12￱ support on the downside is near the $165 ￰13￱ first major support is near the $162 level. A break below the $162 level might send the price toward the $154 support ￰14￱ there is a close below the $154 support, the price could decline toward the $150 support in the near ￰15￱ Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish ￰16￱ Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 ￰17￱ Support Levels – $165 and $162. Major Resistance Levels – $175 and $182.