Solana eases gains: Will SOL bulls hold support at $132?

Solana started a fresh decline from the $155 resistance. SOL price fell by more than 10% but bulls are now protecting the $132 support.

SOL price started a acute decline from the resistance level of $155 against the US dollar.
The price is currently below $145 and the 100-hour basic moving average.
On the hourly chart of the SOL/USD currency pair, there was a breakout of the connecting rising trend line with the support level at USD 150 (data source: Kraken).
The pair may recover its losses unless bulls find it arduous to defend the support level at $132.

Solana price drops by 10%

Solana price struggled to stay above the $155 resistance. SOL reacted to the downside and fell below the $150 support. There was a break of the connecting bullish trendline with the $150 support on the hourly chart of the SOL/USD pair.

The pair gained bearish momentum below the $145 support and fell more than Bitcoin and Ethereum in the last two sessions. There was a decline towards the $132 support zone. A low was formed at $132.17 and the price is now trying to make a rebound.

There was a move above the $135 level. The price is now approaching the 23.6% Fibonacci retracement level of the recent decline from a swing high of $154.74 to a swing low of $132.17.

Solana is now trading well below the $145 level and the 100-hour basic moving average. If it makes another rally, the price could face resistance near the $138 level. The next major resistance is near the $143.50 level and the 50% Fibonacci retracement level of the recent decline from the $154.74 high to the $132.17 low.

A successful close above the $143.50 resistance could set the pace for another solid rally. The next key resistance is near $150. Any further gains could send the price towards the $155 level.

More losses in SOL?

If SOL fails to break above the $143.50 resistance, it could begin another decline. Initial support on the downside is near the $135 level.

The first major support is near the $132 level, below which the price could test $125. If a close occurs below the $125 support, the price could decline towards the $112 support in the near future.

Technical indicators

Hourly MACD – MACD for the SOL/USD pair is gaining momentum in the downward zone.

Hourly RSI (Relative Strength Index) – RSI for the SOL/USD pair is below the 50 level.

Major support levels – $135 and $132.

Major resistance levels – $143.50 and $150.