Solana Price Falls Below $172 Support Level Amid Bearish Trends

Solana Price Overview

Solana (SOL) began a decline from the $210 mark after failing to break through.
The current trading price is below $185 and the 100-hourly simple moving average.
A bearish trend line has formed with resistance at $188 on the hourly chart.
The price could rebound if it surpasses the $188 resistance level.

Current Market Conditions

SOL has dropped below key support levels of $200 and $188, entering a short-term bearish phase. The price is below the 50% Fibonacci retracement level from a recent high of $209 to a low of $173.

The asset is also trading below the 76.4% Fibonacci retracement. Immediate resistance is identified at $182, followed by $184, with significant resistance at $188. A close above this level may lead to further gains towards $192 and potentially $200.

Potential Downward Movement

If SOL does not rise above $182, it may continue to decline. Initial support is at $175, with major support at $172. A breach below $172 could push the price toward the $162 area, and a close below $162 may see the price drop to $150.

Technical Indicators

Hourly MACD indicates a strengthening bearish trend.
RSI for SOL/USD is currently below the 50 level.
Major support levels are at $172 and $162.
Major resistance levels are at $182 and $188.