Solana Price Declines Below $220, Risks Further Drop to $200

Solana (SOL) is experiencing a decline from the $250 zone, showing bearish signs with potential to drop towards $200.

SOL price declined below $240 and $230 against the US Dollar.
Currently trading below $220 and the 100-hourly simple moving average.
A bearish trend line is forming with resistance at $222 on the hourly SOL/USD chart.
Further losses likely if it remains under $215 and $222.

Solana Price Dips

After failing to stay above $250, SOL moved into a bearish zone, dropping below $240 and $232. It reached a low of $207, consolidating losses below the 23.6% Fib retracement level. Key resistances are identified at $215, $220, and $230.

Solana Price

A close above $230 could trigger an increase towards $242 or even $250.

Potential for More Losses in SOL

If SOL fails to break $222 resistance, it might continue declining. Initial supports are at $207 and $202. A fall below $202 could push the price towards $200, and possibly $184.

Technical Indicators:

Hourly MACD: Gaining pace in the bearish zone.
Hourly RSI: Below the 50 level.
Major Support Levels: $202, $200.
Major Resistance Levels: $215, $222.