Solana started a recent decline below the $165 zone. SOL price is currently consolidating losses below $165 and may fall further below $150.

• SOL price started a recent decline below $165 and $162 against the US dollar.
• The price is currently below $165 and the 100-hour uncomplicated moving average.
• A key bearish trend line is forming on the hourly chart of the SOL/USD pair with resistance at $158 (data source from Kraken).
• The price could start a recovery wave if the bulls defend $150 or $145.

Solana’s price is dropping significantly

Solana’s price failed to stay stable above $180 and began a recent decline, similar to Bitcoin and Ethereum. SOL fell below the $175 and $165 support levels.

The price has gained bearish momentum below $160. The bottom was formed at $145 and the price is currently consolidating losses. The price has risen several points above the 23.6% Fib retracement level, the result of a downward move from a high of $188 to a low of $145.

Solana is currently trading below $160 and the 100-hour uncomplicated moving average. On the other hand, immediate resistance is located near the $158 level. A key bearish trend line is also forming on the hourly chart of SOL/USD with resistance at $158.

The next major resistance is near the $162 level. The main resistance could be at $166 and the 50% Fib retracement level will represent a downward move from the high at $188 to the low of $145. A successful close above the $166 resistance zone could set the pace for further sustained growth. The next key resistance is $175. Any further gains could push the price towards the $180 level.

Another SOL decline?

If SOL does not break through the resistance at $166, it may continue to decline. Initial downside support is near the $155 zone. The first major support is near the $150 level.

A break below the $150 level could push the price towards the $145 support zone. If a close occurs below the $145 support, the price could drop towards the $132 support in the near future.

Technical indicators

Hourly MACD – The MACD for SOL/USD is gaining momentum in a bearish zone.

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

Main support levels – $155 and $150.

Major resistance levels – $162 and $166.