Solana (SOL) Nosedives to $150, Can Bulls Prevent Further Collapse?

Solana started a fresh decline below the $165 ￰0￱ price is now consolidating losses below $165 and might decline further below $150. SOL price started a fresh decline below $165 and $162 against the US ￰1￱ price is now trading below $165 and the 100-hourly simple moving ￰2￱ is a key bearish trend line forming with resistance at $158 on the hourly chart of the SOL/USD pair (data source from Kraken). The price could start a recovery wave if the bulls defend $150 or $145. Solana Price Dips Heavily Solana price failed to remain stable above $180 and started a fresh decline, like Bitcoin and ￰3￱ declined below the $175 and $165 support ￰4￱ price gained bearish momentum below $160.

A low was formed at $145, and the price is now consolidating ￰5￱ price recovered a few points above the 23.6% Fib retracement level of the downward move from the $188 swing high to the $145 ￰6￱ is now trading below $160 and the 100-hourly simple moving ￰7￱ the upside, immediate resistance is near the $158 ￰8￱ is also a key bearish trend line forming with resistance at $158 on the hourly chart of the SOL/USD ￰9￱ next major resistance is near the $162 ￰10￱ main resistance could be $166 and the 50% Fib retracement level of the downward move from the $188 swing high to the $145 low. A successful close above the $166 resistance zone could set the pace for another steady ￰11￱ next key resistance is $175.

Any more gains might send the price toward the $180 ￰12￱ Decline In SOL? If SOL fails to rise above the $166 resistance, it could continue to move ￰13￱ support on the downside is near the $155 ￰14￱ first major support is near the $150 level. A break below the $150 level might send the price toward the $145 support ￰15￱ there is a close below the $145 support, the price could decline toward the $132 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 – $155 and $150. Major Resistance Levels – $162 and $166.