Solana Price Dips Below $195, Approaching $188 Support Zone
Solana's price experienced a correction, dropping below $198 and currently trading under $195. It may find support near the $188 zone.
- SOL initiated a downside correction against the US Dollar, falling below $198.
- Price is under $195 and the 100-hourly simple moving average.
- A declining channel with resistance at $200 is forming on the SOL/USD hourly chart.
- Potential for further losses if price falls below the $188 zone.
Solana Price Analysis
After failing to surpass $205, Solana began correcting downward, moving below $200 and $198, entering a short-term bearish trend. A move occurred below the 23.6% Fib retracement from the $177 low to the $205 high, but support is present around $192. The declining channel shows resistance at $200.
Resistance is noted at $198 and potentially stronger at $200 and $205. A close above $205 could lead to gains toward $220 or even $225.
Potential Downside for SOL
If unable to rise past $198, SOL might decline further. Initial support is near $192 and the 50% Fib retracement of the recent upward wave. Major support lies at $188; a break below could see prices reach $184 or even $177.
Technical Indicators:
- MACD: Bearish momentum increasing.
- RSI: Below 50, indicating potential weakness.
- Support Levels: $192, $188.
- Resistance Levels: $198, $200.