Solana price drops again
Solana price struggles to break through the $220-$225 region and begins a new round of decline, just like Bitcoin and Ethereum. It has dropped below the support levels of $212 and $205.
The price even fell below the $200 mark. The low formed at $196.73, and the current price is consolidating the decline, falling below the 23.6% Fibonacci retracement level from the high of $223 to the low of $196.
Solana's current trading price is below $200 and the 100-hour simple moving average. On the hourly chart of the SOL/USD pair, a connecting bearish trend line has also formed, with resistance at $204. On the upside, the price faces resistance around $204.
The next major resistance level is around $210, which is the 50% Fibonacci retracement level of the downward move from the high of $223 to the low of $196. The main resistance level could be $213. A successful close above the resistance level of $213 may lay the groundwork for a steady rise again. The next key resistance level is $225. Any further increase could push the price towards the $240 level.
SOL slides again?
If SOL fails to break through the resistance level of $205, it may drop again. The initial support level on the downside is around $196. The first major support level is around $188.
Dropping below the $180 level could push the price towards the $175 region. If the closing price is below the support level of $175, the price may drop to the support level of $162 in the short term.