Solana failed to reach above $145 and fell. SOL price is currently consolidating losses below $135 and may fall further below $130.
- SOL price started a novel decline below $138 and $135 against the US dollar.
- The price is currently below $135 and the 100-hour straightforward moving average.
- A key bearish trend line is forming on the hourly chart of the SOL/USD pair with resistance at $140 (data source from Kraken).
- The price could start a recovery wave if the bulls defend $132 or $130.
Solana prices are falling again
Solana’s price failed to stay stable above $142 and began a novel decline, similar to Bitcoin and Ethereum. SOL fell below the $140 and $138 support levels.
The price has gained bearish momentum below $135. The bottom was formed at $130 and the price is currently consolidating losses. The price recovered a few points and climbed above the 23.6% Fib retracement level, which was the result of a downward move from the high of $143 to the low of $130.
Solana is currently trading below $135 and the 100-hour straightforward moving average. On the other hand, immediate resistance is located near the $135 level. The next major resistance is located near the $136 level or the 50% Fib retracement level in a downward move from a high at $143 to a low at $130.
The main resistance could be $140. A key bearish trend line is also forming on the hourly chart of the SOL/USD pair with resistance at $140. A successful close above the $140 resistance zone could set the pace for further sustained growth. The next key resistance is $144. Any further gains could push the price towards the $150 level.
Another SOL decline?
If SOL does not break through the resistance at $136, it may continue to decline. Initial downside support is located near the $132 zone. The first major support is near the $130 level.
A break below the $130 level could push the price towards the $122 support zone. If a close occurs below the $122 support, the price may drop towards the $115 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 – $132 and $130.
Major resistance levels – $136 and $140.
