Solana Price Declines Below $170 Amid Bearish Trend
Solana (SOL) Price Update
- SOL began a decline from the $180 resistance zone.
- Current trading is below $170 and the 100-hourly simple moving average.
- A bearish trend line is forming with resistance at $170 on the hourly chart.
- Potential recovery could occur if SOL clears the $170 resistance level.
Current Market Situation
Solana's price fell below $170, reaching a low near $160. A slight recovery has occurred, pushing the price above $165 and surpassing the 23.6% Fibonacci retracement level of the recent decline.
Resistance is noted at $169 and the trend line, close to the 50% Fibonacci retracement level. Key resistance levels are $172 and $180.
Outlook for SOL
If SOL does not exceed $170, a further decline may occur.
- Initial support is near $162, followed by major support at $160.
- A drop below $160 could lead to a decline toward $155.
- A close below $155 might target the $142 support level.
Technical indicators show a bearish trend, with the MACD gaining momentum in the bearish zone and the RSI below 50.