Solana Price Falls Below $150, Faces Potential Further Decline

Solana Price Analysis

Solana's price is on a downward trend, falling below $155 and $150 against the US Dollar.
The current trading value is below $150 and the 100-hourly simple moving average.
A bearish trend line is forming with resistance at $148 on the SOL/USD hourly chart.
Price recovery could occur if support holds at $142 or $140.

Current Market Situation

Solana failed to maintain stability above $162, dropping below $155 and $150, similar to Bitcoin and Ethereum.
The price hit a low of $141, with minor recovery attempts still below the 23.6% Fibonacci retracement level from a $172 high to a $141 low.
Immediate resistance levels are at $148 and $152, while major resistance is anticipated at $160.

Potential Future Movements

If Solana fails to surpass the $152 resistance, further declines could target initial support at $142 and major support at $140.
A breach below $140 might push prices towards the $132 support zone, with potential continuation to $120 if $132 fails to hold.

Technical Indicators

Hourly MACD indicates increasing bearish momentum.
RSI for SOL/USD is below 50, suggesting weaker buying pressure.
Major Support Levels: $142 and $140
Major Resistance Levels: $148 and $152

Solana Price

This concise analysis provides investors with key insights into Solana's current market trends and potential future movements, essential for informed decision-making.