Solana’s Price Under Pressure Again
Solana failed to break through the critical resistance zone between $220 and $225, leading to further declines, similar to Bitcoin and Ethereum. The price broke below the support levels at $212 and $205, falling under the $200 mark.
The current low was recorded at $196.73, and Solana is now consolidating its losses. The price remains below the 23.6% Fibonacci retracement level, which tracks the move from the $223 high to the $196 low.
Solana is currently trading below $200 and the 100-hour simple moving average. On the hourly chart of the SOL/USD pair, a bearish trend line is also visible, with resistance near the $204 level.
Key Resistance Levels
The first significant resistance lies at $204, with the next major resistance at $210, corresponding to the 50% Fibonacci retracement level from the previous downward move. However, the primary hurdle is at $213. A successful break above this level could pave the way for further steady growth. The key resistance level would then be $225, with additional gains potentially pushing the price toward $240.
Risk of Further Decline
If Solana fails to break through the $205 resistance, it could face further declines. The first support level on the downside is $196, with stronger support near $188.
A break below the $180 level could trigger a drop toward $175. If the price closes below this level, Solana could weaken further, with the next support level at $162.
Technical Indicators
Hourly MACD: Gaining momentum in the bearish zone.
Hourly RSI: Positioned below the 50 level, indicating weaker momentum.
Key Support Levels: $196 and $188.
Key Resistance Levels: $205 and $210.
Solana is at a crossroads, where critical resistance and support levels will determine its next move. Investors should remain cautious and monitor technical signals closely.
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