Solana (SOL) Declines Again – Is This A Dip Worth Buying For Recovery?

Solana started a fresh decline from the $238 ￰0￱ price is now consolidating losses below $225 and might decline further below $218. SOL price started a fresh decline below $232 and $230 against the US ￰1￱ price is now trading below $225 and the 100-hourly simple moving ￰2￱ was a break below a key bullish trend line with support at $230 on the hourly chart of the SOL/USD pair (data source from Kraken). The price could start another increase if the bulls defend $218 or $212. Solana Price Dips Below Support Solana price extended gains above $225 and $230, like Bitcoin and ￰3￱ even surpassed $235 before the bears appeared.

A high was formed near $238 and the price ￰4￱ was a move below $232. Besides, there was a break below a key bullish trend line with support at $230 on the hourly chart of the SOL/USD ￰5￱ pair traded as low as $217.47 and is currently consolidating losses below the 23.6% Fib retracement level of the recent decline from the $237 swing high to the $217 ￰6￱ is now trading below $225 and the 100-hourly simple moving ￰7￱ there is a recovery wave, the price could face resistance near the $222 ￰8￱ next major resistance is near the $228 level or the 50% Fib retracement level of the recent decline from the $237 swing high to the $217 ￰9￱ main resistance could be $230.

A successful close above the $230 resistance zone could set the pace for another steady ￰10￱ next key resistance is $238. Any more gains might send the price toward the $245 ￰11￱ Drop In SOL? If SOL fails to rise above the $230 resistance, it could continue to move ￰12￱ support on the downside is near the $218 ￰13￱ first major support is near the $212 level. A break below the $212 level might send the price toward the $200 support ￰14￱ there is a close below the $200 support, the price could decline toward the $188 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 – $218 and $212.

Major Resistance Levels – $230 and $238.