Solana Price Declines Below $155 Amid Ongoing Bearish Trend

Solana (SOL) is experiencing a decline from the $172 resistance level, indicating potential further drop below $155.

SOL price is trading below $162 and the 100-hourly simple moving average.
A bearish trend line is forming with resistance at $160 on the hourly chart of SOL/USD.
If SOL clears the $160 resistance, it may initiate an increase.

Current Market Situation

After failing to maintain above the $172 mark, SOL has dropped below the $160 support. The price reached a low near $150 but has started a recovery, momentarily exceeding $155 and surpassing the 23.6% Fib retracement level from $180 to $150.

Key resistances are observed at $160 and $165, with major resistance at $170. A close above $170 could lead to a steady rise towards $180.

Potential Further Decline

If SOL does not overcome the $160 resistance, it risks another decline. Initial support is at $155, followed by major support at $152. A break below $152 could push the price down toward $145, with potential further declines to $132 if below $145.

Technical indicators show:

Hourly MACD indicating bearish momentum.
RSI for SOL/USD is below 50.
Major supports at $155 and $152.
Major resistances at $160 and $162.