Solana Price Faces Resistance Below $220 Following Recent Decline

Solana (SOL) has initiated a decline from the $220 mark, currently consolidating below this level.

SOL price declined below $215 and $212 against the US Dollar.
Trading occurs below $212 and the 100-hourly simple moving average.
A short-term declining channel or bullish flag is visible with resistance at $213 on the hourly chart.
A new upward trend could begin if SOL surpasses the $220 zone.

Price Resistance Overview

After struggling to exceed $250, Solana's price fell below key support levels of $220 and $200, reaching a low of $175. It later tested the $220 resistance again but remains below this threshold. A drop below the 23.6% Fib retracement level also occurred.

The current resistance levels are:

$212
$215
$220

Closing above $220 may lead to further increases, targeting $232 and potentially $250.

Potential Further Decline

If SOL fails to breach $215, it may experience another downturn. Key support levels include:

$202
$198 (50% Fib retracement level)

A breach of $198 could lead to a decline towards $192, and possibly down to $175 if the $192 support fails.

Technical indicators show:

MACD for SOL/USD is losing momentum in the bullish zone.
RSI is below 50.