$SOL Price Dives 10% - NewsBTC Analytics

Solana price struggled to continue higher above the $155 resistance. SOL reacted to the downside and declined below the $150 support. There was a break below a connecting bullish trend line with support at $150 on the hourly chart of the SOL/USD pair.

The pair gained bearish momentum below the $145 support and declined more than outperformed Bitcoin and Ethereum in the past two sessions. There was a drop toward the $132 support zone. A low was formed at $132.17 and the price is now attempting a recovery wave.

There was a move above the $135 level. The price is now approaching the 23.6% Fib retracement level of the recent decline from the $154.74 swing high to the $132.17 low.

Solana is now trading well below the $145 level and the 100-hourly simple moving average. If there is another increase, the price might face resistance near the $138 level. The next major resistance is near the $143.50 level and the 50% Fib retracement level of the recent decline from the $154.74 swing high to the $132.17 low.

A successful close above the $143.50 resistance could set the pace for another steady increase. The next key resistance is near $150. Any more gains might send the price toward the $155 level.

If SOL fails to rise above the $143.50 resistance, it could start another decline. Initial support on the downside is near the $135 level.

The first major support is near the $132 level, below which the price could test $125. If there is a close below the $125 support, the price could decline toward the $112 support in the near term.