Solana Price Tests $200 Resistance After Recent Decline

Solana Price Update

SOL price declined below $205 and $200 against the US Dollar.
Currently trading below $200 and the 100-hourly simple moving average.
A bearish trend line is forming with resistance at $198 on the hourly chart.
A fresh increase could occur if bulls clear the $200 zone.

Market Overview

Solana struggled to surpass the $210 resistance, leading to a decline below $202 and $200. It reached a low of $188 before a recovery attempt, clearing some resistance levels. The current price is facing challenges near $198 and requires a close above $202 for further gains towards $210 and potentially $220.

Potential Decline Risks

If SOL does not rise above the $200 resistance, it may face another decline with initial support around $194 and major support at $188. A break below $188 could lead to a drop towards $180 and possibly $175.

Technical Indicators

MACD shows bullish momentum.
RSI is above 50.
Major support levels are $194 and $188.
Major resistance levels are $200 and $202.