Solana (SOL) Nosedives – Traders Fear More Pain Could Be Ahead

Solana started a fresh decline from the $232 ￰0￱ price is now showing bearish signs and might even decline toward the $180 ￰1￱ price started a fresh decline below $232 and $220 against the US ￰2￱ price is now trading below $200 and the 100-hourly simple moving ￰3￱ is a key bearish trend line forming with resistance at $204 on the hourly chart of the SOL/USD pair (data source from Kraken). The price could extend losses if it stays below $204 and $212. Solana Price Dips Sharply Solana price failed to stay above $232 and started a fresh decline, like Bitcoin and ￰4￱ traded below the $220 and $212 support levels to enter a bearish ￰5￱ bears even pushed the price below $200 and the 100-hourly simple moving average.

A low was formed at $191 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $242 swing high to the $191 ￰6￱ is now trading below $200 and the 100-hourly simple moving average. Besides, there is a key bearish trend line forming with resistance at $204 on the hourly chart of the SOL/USD ￰7￱ there is a recovery wave, the price could face resistance near the $200 ￰8￱ next major resistance is near the $204 level or the trend ￰9￱ main resistance could be $215 or the 50% Fib retracement level of the downward move from the $242 swing high to the $191 low. A successful close above the $215 resistance zone could set the pace for another steady ￰10￱ next key resistance is $220.

Any more gains might send the price toward the $232 ￰11￱ Losses In SOL? If SOL fails to rise above the $204 resistance, it could continue to move ￰12￱ support on the downside is near the $192 ￰13￱ first major support is near the $188 level. A break below the $188 level might send the price toward the $180 support ￰14￱ there is a close below the $180 support, the price could decline toward the $174 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 – $192 and $188. Major Resistance Levels – $204 and $215.