Solana (SOL) Takes Hit – Is This Start of Bearish Move Toward $200?

Solana started a fresh decline from the $250 ￰0￱ price is now showing bearish signs and might even decline toward the $200 ￰1￱ price started a fresh decline below $240 and $230 against the US ￰2￱ price is now trading below $220 and the 100-hourly simple moving ￰3￱ is a key bearish trend line forming with resistance at $222 on the hourly chart of the SOL/USD pair (data source from Kraken). The price could extend losses if it stays below $215 and $222. Solana Price Dips Again Solana price failed to stay above $250 and started a fresh decline, like Bitcoin and ￰4￱ traded below the $240 and $232 support levels to enter a bearish ￰5￱ bears even pushed the price below $220 and the 100-hourly simple moving average.

A low was formed at $207 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $254 swing high to the $207 ￰6￱ is now trading below $220 and the 100-hourly simple moving average. Besides, there is a key bearish trend line forming with resistance at $222 on the hourly chart of the SOL/USD ￰7￱ there is a recovery wave, the price could face resistance near the $215 ￰8￱ next major resistance is near the $220 level or the trend ￰9￱ main resistance could be $230 or the 50% Fib retracement level of the downward move from the $254 swing high to the $207 low. A successful close above the $230 resistance zone could set the pace for another steady ￰10￱ next key resistance is $242.

Any more gains might send the price toward the $250 ￰11￱ Losses In SOL? If SOL fails to rise above the $222 resistance, it could continue to move ￰12￱ support on the downside is near the $207 ￰13￱ first major support is near the $202 level. A break below the $202 level might send the price toward the $200 support ￰14￱ there is a close below the $200 support, the price could decline toward the $184 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 – $202 and $200. Major Resistance Levels – $215 and $222.