Solana (SOL) Nosedives — Sellers Tighten Grip, Recovery Attempts Fail

Solana started a fresh decline from the $188 ￰0￱ price is now consolidating losses below $180 and might decline further below $175. SOL price started a fresh decline below $185 and $180 against the US ￰1￱ price is now trading below $182 and the 100-hourly simple moving ￰2￱ is a key bearish trend line forming with resistance at $192 on the hourly chart of the SOL/USD pair (data source from Kraken). The price could start another increase if the bulls defend $175 or $172. Solana Price Dips Again Solana price extended gains above $180 and $182, like Bitcoin and ￰3￱ even surpassed $188 before the bears appeared.

A high was formed near $189 and the price ￰4￱ was a move below $185 and $180. A low was formed at $176, 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 $176 low. Besides, there is a key bearish trend line forming with resistance at $192 on the hourly chart of the SOL/USD ￰5￱ is now trading below $185 and the 100-hourly simple moving ￰6￱ the upside, immediate resistance is near the $182 level or the 50% Fib retracement level of the downward move from the $188 swing high to the $176 ￰7￱ next major resistance is near the $185 ￰8￱ main resistance could be $188.

A successful close above the $188 resistance zone could set the pace for another steady ￰9￱ next key resistance is $192 and the trend ￰10￱ more gains might send the price toward the $200 ￰11￱ Continuation In SOL? If SOL fails to rise above the $188 resistance, it could continue to move ￰12￱ support on the downside is near the $175 ￰13￱ first major support is near the $172 level. A break below the $172 level might send the price toward the $165 support ￰14￱ there is a close below the $165 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 – $175 and $172.

Major Resistance Levels – $188 and $192.