Solana Price Declines Below $180; Faces Resistance at $176
Solana (SOL) is experiencing a decline, trading below $180, with potential further declines anticipated.
- SOL began a decline from the $188 resistance zone against the US Dollar.
- Current trading is below $180 and the 100-hourly simple moving average.
- A bearish trend line forms with resistance at $176 on the hourly chart.
- A price increase may occur if SOL surpasses the $180 resistance zone.
Price Movement Overview
After forming a base above $170, SOL attempted an increase, testing the $188 resistance before dropping to $170. Key points include:
- The price recently cleared the $172 level.
- SOL surpassed the 23.6% Fib retracement of the decline from $188 to $170.
- Resistance levels are identified at $176, $180, and $185.
- A close above $185 could lead to further increases toward $192 and $200.
Potential for Further Decline
If SOL does not rise above $176, it may face another decline. Key support levels are:
- Initial support near $172.
- Major support at $170.
- A break below $170 could target $165 and potentially $160.
Technical indicators show:
- Hourly MACD indicates bearish momentum.
- RSI for SOL/USD is below the 50 level.