Solana Price Declines Below $192 After Failing to Break $205 Resistance

Solana's price has declined after failing to breach the $205 resistance level.

SOL price started to drop after not holding above $200 against the US Dollar.
The current trading price is below $192 and the 100-hourly simple moving average.
A bearish trend line with resistance at $190 is forming on the hourly chart.
The price may rise if it exceeds the $192 zone.

Current Market Status

Solana struggled to maintain levels above $200-$205, dropping below key support levels of $200 and $192. A recent low was recorded at $182.20, with ongoing consolidation below the 23.6% Fibonacci retracement level from the previous swing high of $223.

Resistance is observed near $190, while the next significant resistance lies at $192. A close above $200 could lead to a potential increase toward $212 and possibly $225.

Decline Outlook

If SOL cannot surpass the $192 resistance, another decline is likely. Initial support is around $182, with major support at $180. A break below $180 could push the price toward $175, and further declines might reach $162.

Technical Indicators:

Hourly MACD indicates increasing bearish momentum.
RSI is below the 50 level.
Major Support Levels: $182, $180.
Major Resistance Levels: $190, $192.