Solana Price Dips Sharply
Solana Started a Fresh Decline
Solana price struggled to clear the $185 resistance and started a fresh decline, underperforming Bitcoin and Ethereum. SOL declined below the $162 and $150 support levels. It even dived below the $135 level. The recent low was formed at $131 and the price is now consolidating losses with a bearish angle. There was a minor recovery wave above the 23.6% Fib retracement level of the downward move from the $173 swing high to the $131 swing low.
Solana is Trading Below $150 and the 100-Hourly Simple Moving Average
Solana is now trading below $145 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $144 level. There is also a connecting bearish trend line forming with resistance at $144 on the hourly chart of the SOL/USD pair.
Key Levels to Watch
The next major resistance is near the $150 level. The main resistance could be $152 and the 50% Fib retracement level of the downward move from the $173 swing high to the $131 swing low.
Conclusion
Solana price is struggling to recover above the $150 resistance and might struggle to do so. If SOL fails to rise above the $145 resistance, it could start another decline. Initial support on the downside is near the $141 zone. The first major support is near the $136 level.
Frequently Asked Questions
- What is the current price of Solana?
Solana is currently trading below $150. - What is the major resistance level in Solana?
The major resistance level is $152 and the 50% Fib retracement level of the downward move from the $173 swing high to the $131 swing low. - What is the next major support level in Solana?
The next major support level is $136. - What is the current trend of Solana?
Solana is currently in a bearish trend. - What is the key level to watch in Solana?
The key level to watch is the $150 resistance.
