Solana Price Drops Below $200, Could Decline If It Falls Under $192

Solana's price dipped below $200, indicating potential further declines if it falls under $192.

SOL started a downward correction below $200 against the US Dollar.
Currently trading below $198 and the 100-hourly moving average.
A bullish trend line broke at the $198 support on the hourly SOL/USD chart.
Potential for extended losses if it drops below $192.

Price Movement

After rising above $192, Solana temporarily climbed past $198, reaching as high as $205 before correcting. It retraced below the 23.6% Fib level from its $177 low to $205 high, breaking the trend line at $198.

Solana Price

Resistance levels include $198, $200, and significant resistance at $205. A close above $205 could lead to increases toward $212 and potentially $220.

Potential Declines

If SOL doesn't surpass $200, a decline might occur.
Initial support is around $192, with major support near $188.
Dropping below $188 could push the price to the $180 zone.
A break under $180 may target $166.

Technical Indicators:

Hourly MACD: Bearish momentum increasing.
Hourly RSI: Below the 50 level, indicating weakness.
Major Support Levels: $192, $188.
Major Resistance Levels: $200, $205.