Solana failed to stay above $200 and revised its gains. SOL is currently trading below $200 and could fall further if it falls below $192.

• The SOL price began a downward correction below $200 against the US dollar.
• The price is currently below $198 and the 100-hour elementary moving average.
• On the hourly chart of the SOL/USD pair, there was a break below the uptrend line with support at $198 (data source Kraken).
• The pair could extend losses if it falls below the $192 zone.

Solana price corrects some gains

Solana price started a decent rally after settling above the $192 zone, beating out Bitcoin and Ethereum. SOL climbed above the $198 level, entering the short-term positive zone.

The price even broke through the resistance at $200. A high has formed near $205, and the price has recently corrected some gains. There was a move below the 23.6% Fib retracement level of the up wave from the low of $177 to the high of $205.

Additionally, there was a break below the bullish trendline with support at $198 on the hourly chart of the SOL/USD pair. Solana is currently trading below $198 and the 100-hour elementary moving average.

On the other hand, the price is facing resistance near the $198 level. The next major resistance is near the $200 level. The main resistance could be $205. A successful close above the $205 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 $220 level.

More losses in SOL?

If SOL fails to break above the $200 resistance, another decline could begin. Initial downside support is located near the $192 zone and the 50% Fib retracement level of the rising wave from the low of $177 to the high of $205. The first major support is located near the $188 level.

A break below the $188 level could push the price towards the $180 support zone. If a close occurs below the $180 support, the price could drop towards the $166 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 – $192 and $188.

Major resistance levels – $200 and $205.