Solana (SOL) is teetering on the brink: Will a keen decline be next?

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Solana failed to overcome the resistance at $205 and circumscribed gains. SOL is currently trading below $192 and showing several bearish signs.

  • SOL price began a recent decline after failing to stay above $200 against the US dollar.
  • The price is currently below $192 and the 100-hour basic moving average.
  • On the hourly chart of the SOL/USD pair, a connecting bearish trend line is forming with resistance at $190 (data source from Kraken).
  • The pair could start a recent rally if the bulls circle the $192 zone.

Solana prices are falling again

Solana price struggled to clear the $200-205 zone and started a recent decline, just like Bitcoin and Ethereum. There was a move below the support levels at $200 and $192.

The price even dropped below the support at $185. The bottom formed at $182.20 and the price is currently consolidating losses below the 23.6% Fib retracement level resulting from the downward move from a high of $223 to a low of $182.

Solana is currently trading below $192 and the 100-hour basic moving average. A connecting bearish trend line is also forming on the hourly chart of SOL/USD with resistance at $190. On the other hand, the price is facing resistance near the $190 level.

The next major resistance is near the $192 level. The main resistance could be the $200 or 50% Fib retracement level as it moves down from the high at $223 to the low at $182. A successful close above the $200 resistance zone could set the pace for further sustained growth. The next key resistance is $212. Any further gains could push the price towards the $225 level.

Another SOL decline?

If SOL fails to break above the resistance at $192, another decline could begin. Initial downside support is near the $182 level. The first major support is near the $180 level.

A break below the $180 level could push the price towards the $175 zone. If a close occurs below the $175 support, the price could drop towards the $162 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.

Major support levels – $182 and $180.

Major resistance levels – $190 and $192.

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