Solana Price Drops Below $200, Further Decline Possible If $175 Breaks
Solana's price is experiencing a decline, currently trading below $200 and facing potential further drops.
- SOL dropped below $212 and $200 against the US Dollar.
- It is trading under $200 and the 100-hourly simple moving average.
- A break occurred below a key channel with support at $188 on the hourly SOL/USD chart.
- Bulls may need to defend levels at $182 or $175 to prevent further decline.
Price Movements
- Recent gains were seen above $200, reaching as high as $208 before declining.
- The price fell below $200 and reached a low of $174 before attempting recovery.
- The recovery faced resistance below the 61.8% Fib retracement level from the $208 high to the $174 low.
Currently, Solana is below $188, and a recovery might face resistance around $188 and $195. A close above $200 could lead to an increase toward $208.
Potential Downside
- If SOL fails to rise above $195, further declines are likely.
- Initial support lies near $182, with major support at $175.
- A fall below $175 could target the $165 support zone, and potentially $150 if it continues downward.
Technical Indicators
- Hourly MACD for SOL/USD indicates bearish momentum.
- RSI for SOL/USD is below 50, suggesting weakness.
- Key support levels: $182, $175.
- Key resistance levels: $195, $200.