Solana experienced a decline, trading below the crucial $172 support zone, and is now facing a tough battle to break above the $165 resistance level. After encountering difficulty near the $175 mark against the US Dollar, SOL price commenced a new downward trajectory. Currently, it is hovering under $170, below the 100-hourly simple moving average, and within a key bearish trend line with resistance pegged at $162 on the hourly chart of the SOL/USD pair.
The cryptocurrency was unable to breach the $180 resistance, prompting a descent similar to that of Bitcoin and Ethereum. This downturn saw a dip below the $175 and $172 support thresholds, with the bears managing to drive the price even further beneath $165, hitting the $155 support zone. A notable low point was established at $155, leading to a consolidation of losses that now sits below the 23.6% Fibonacci retracement level, calculated from the downward move between the $173 swing high and the $155 low.
Solana is currently trading under $162 and the 100-hourly simple moving average, experiencing resistance around the $160 mark. The following significant resistance is close to the $162 barrier, accentuated by a prominent bearish trend line on the hourly chart. Key resistance sits near $165 or the 50% Fibonacci retracement level of the recent downturn from the $173 high to the $155 low. A decisive close above $165 might pave the way for a steady upward trajectory, with the next critical resistance level at $172. Any further gains could propel the price towards the $180 region.
Should SOL fail to break the $165 resistance, further downward movement could ensue. Initial support on the downside is around $155, with the first substantial support appearing near $150. A dip below the $150 indicator could see the price plummet towards the $135 zone. Moreover, closing below the $135 support might result in a continued decline towards the $124 support in the foreseeable future.
Technical indicators reflect this bearish sentiment; specifically, the Hourly MACD for SOL/USD is losing momentum within the bearish zone, while the Hourly RSI (Relative Strength Index) languishes below the 50 mark. The major support levels are fixed at $155 and $150, whereas the primary resistance levels are observed at $162 and $165.
