Solana (SOL) Faces Bearish Setup — Price Could Resume Decline If $175 Breaks

Solana started a fresh decline from the $208 ￰0￱ price is now consolidating losses below $200 and might decline further below $182. SOL price started a fresh decline below $212 and $200 against the US ￰1￱ price is now trading below $200 and the 100-hourly simple moving ￰2￱ was a break below a key rising channel with support at $188 on the hourly chart of the SOL/USD pair (data source from Kraken). The price could start another increase if the bulls defend $182 or $175. Solana Price Dips Again Solana price extended gains above $200 and $202, like Bitcoin and ￰3￱ even surpassed $210 before the bears appeared.

A high was formed near $208 and the price ￰4￱ was a move below $200 and $182. A low was formed at $174, and the price recently attempted a minor recovery ￰5￱ climbed above the 50% Fib retracement level of the downward move from the $208 swing high to the $174 low. However, the bears remained active below $195. They protected the 61.8% Fib retracement level of the downward move from the $208 swing high to the $174 ￰6￱ is again moving below $190.

Besides, there was a break below a key rising channel with support at $188 on the hourly chart of the SOL/USD ￰7￱ is now trading below $188 and the 100-hourly simple moving ￰8￱ there is a recovery wave, the price could face resistance near the $188 ￰9￱ next major resistance is near the $195 ￰10￱ main resistance could be $200. A successful close above the $200 resistance zone could set the pace for another steady ￰11￱ next key resistance is $208. Any more gains might send the price toward the $215 ￰12￱ Continuation In SOL? If SOL fails to rise above the $195 resistance, it could continue to move ￰13￱ support on the downside is near the $182 ￰14￱ first major support is near the $175 level.

A break below the $175 level might send the price toward the $165 support ￰15￱ there is a close below the $165 support, the price could decline toward the $150 support in the near ￰16￱ Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish ￰17￱ Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 ￰18￱ Support Levels – $182 and $175. Major Resistance Levels – $195 and $200.