Solana begins a new round of decline from the $160 area. The SOL price is currently consolidating its losses and may further drop below $145.
The SOL price is starting to decline again from the resistance area of $160 against the US dollar.
The current price is below $155 and the 100-hour simple moving average.
On the hourly chart for SOL/USD, it has broken below the bullish trend line support at $150 (data sourced from Kraken).
If it breaks through the resistance area of $152, the currency pair may start a new round of upward movement.
Solana price continues to decline.
The Solana price failed to continue breaking through the $160 mark and, like Bitcoin and Ethereum, began a new round of decline. The SOL price rose and fell below the support level of $155.
On the hourly chart for the SOL/USD currency pair, it has broken above the bullish trend line support at $150. The currency pair even fell below the $148 level, forming a low near $145, and has recently entered a consolidation phase. The currency pair tested the 23.6% Fibonacci retracement level from the recent high of $158 to the low of $145.
Solana's current trading price is below $150 and the 100-hour simple moving average. On the upside, the price faces resistance near $150. The next major resistance level is around $152. This level is close to the 50% Fibonacci retracement level from the recent high of $158 to the low of $145.
The main resistance level may be at $155. If it successfully closes above the $155 resistance level, it may initiate a new round of steady upward movement. The next key resistance level is at $160. If it continues to rise, the price may further approach $165.
Is SOL sliding again?
If SOL fails to break through the resistance level of $152, it may initiate a new round of decline. On the downside, the initial support level is near $145. The first major support level is around $142.
A drop below the $142 level may push the price down towards the $130 area. If the closing price falls below the $130 support level, the price may drop towards the $125 support level in the short term.
Technical Indicators
Hourly MACD - The MACD for SOL/USD is accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) - The RSI for SOL/USD is below the 50 level.
Major support levels - $145 and $142.
Major resistance levels - $152 and $155.
