Solana Price Falls Below $180 Amid Bearish Trend
Solana (SOL) is experiencing a downward trend, consolidating below $180 and potentially dipping further.
- SOL price declined below $185 and $180.
- Currently trading below $182 and the 100-hourly simple moving average.
- A bearish trend line with resistance at $192 is forming on the hourly SOL/USD chart.
- Support could be found if bulls defend $175 or $172.
Current Price Movements
After surpassing $188, Solana faced resistance and dropped to a low of $176. It is now consolidating losses below the 23.6% Fibonacci retracement level from the $188 high. Immediate resistance levels are $182 and $185, with significant resistance at $188. A close above $188 might trigger an increase toward $200.
Potential Downside
If unable to break $188 resistance, SOL may continue to decline. Initial support is near $175, with major support at $172. Falling below $172 could lead to a decrease towards $165, and possibly $150.
Technical Indicators:
- Hourly MACD: Gaining pace in the bearish zone.
- Hourly RSI: Below the 50 level.
- Major Support Levels: $175 and $172.
- Major Resistance Levels: $188 and $192.