Solana's price has declined again.
Solana's price failed to continue rising above the $172 level and began a new decline, similar to what happened with Bitcoin and Ethereum. Solana gained momentum and traded below the $160 support level.
It even traded below the $155 level. A bottom formed near $150, and the price recently began a recovery wave. It rose above the $155 level, surpassing the 23.6% Fibonacci retracement level of the recent drop from the swing high of $180 to its low of $150.
Solana's price is now trading below $160 and its simple moving average of 100 hours. A major downward trend line is also forming with resistance at $160 on the hourly chart for the Solana/USD pair.
On the positive side, the price faces resistance near the $160 level and the trend line. The next major resistance is near the $165 level. It is close to the 50% Fibonacci retracement level of the recent drop from the swing high of $180 to the low of $150.
The main resistance may be at $170. A successful close above the resistance area at $170 could pave the way for another steady rise. The next major resistance is at $172. Any further gains may push the price towards the $180 level.
■ Is Solana witnessing another decline?
If it fails to rise above the resistance level at $160, a further decline may begin. Initial support on the downside is near the $155 area. The first major support is near the $152 level.
Breaking the $152 level may push the price towards the $145 area. If the price closes below the $145 support level, it could drop towards the $132 support level in the near term.
■ Technical indicators
¤ The hourly MACD indicator - The MACD for the SOL/USD pair is gaining momentum in the bearish zone.
¤ The hourly Relative Strength Index (RSI) - The RSI for the SOL/USD pair is below the 50 level.
¤ Major support levels - $155 and $152.
¤ Major resistance levels - $160 and $162.
