Solana (SOL) Price Falls: Will a Drop Below $140 Trigger Further Declines?

Solana started a novel decline below $155 and $150. SOL price tested $140 and is currently struggling to start a rebound wave.

SOL price started a novel downward move below USD 150 against the US dollar.
The price is currently below $148 and the 100-hour plain moving average.
On the hourly chart of the SOL/USD currency pair, a short-term descending channel is forming with resistance at USD 145.50 (data source: Kraken).
The pair could start a rebound if it breaks through the resistance zone at USD 148.

Solana Price revisits $140

Solana price started a novel decline from well above $155, similar to Bitcoin and Ethereum. SOL gained momentum and traded below $150. It even tested the $140 support level.

A low has formed at $140.53 and the price is now consolidating losses. There has been a diminutive move up above the $142 and $143 levels. The price has risen above the 23.6% Fibonacci retracement level of the downward move from the $161.95 high to the $140.53 low.

Solana is now trading well below $150 and the 100-hour plain moving average. On the other hand, the price is encountering resistance near the $146 level. A short-term descending channel is also forming on the hourly chart of the SOL/USD pair with resistance at $145.50.

The next major resistance is near the $148 level. A successful close above the $148 and $150 resistance levels could set the pace for another solid rally. The next key resistance is near $152 or the 50% Fibonacci retracement level of the downward move from the $161.95 high to the $140.53 low. Any further gains could send the price towards the $162 level.

More SOL flaws?

If SOL fails to break above the $146 resistance, it could begin another decline. Initial support on the downside is near the $142 level. The first major support is near the $140 level.

A break of the $140 level could see the price rally towards $132. If the close occurs below the $132 support, the price could fall towards the $125 support in the miniature term.

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 – $142 and $140.

Major resistance levels – $146 and $148.