Solana Price Falls Below $165, Faces Further Decline to $150
Solana Price Analysis
- Solana (SOL) started a decline below $165, continuing past $162 against the US Dollar.
- The price is trading below key levels: $165 and the 100-hourly simple moving average.
- A bearish trend line with resistance at $158 is evident on the hourly SOL/USD chart.
- Potential recovery could occur if bulls defend $150 or $145.
Current Market Movement
Following a failure to maintain stability above $180, Solana's price decreased similarly to Bitcoin and Ethereum. Key support levels at $175 and $165 were breached, leading to a low of $145.
Currently, Solana trades below $160. Resistance levels are identified at $158 and more significantly at $162 and $166, marking the 50% Fibonacci retracement from $188 to $145. Surpassing $166 might lead to further gains towards $175 and potentially $180.
Future Outlook
If Solana fails to break through the $166 resistance, further decline is possible. Initial support is expected around $155, with major support at $150. A breach below $150 may drive the price towards $145, and potentially down to $132.
Technical Indicators:
- Hourly MACD: Increasing in bearish momentum.
- Hourly RSI: Positioned below 50, indicating bearish sentiment.
- Support Levels: $155, $150.
- Resistance Levels: $162, $166.