Solana (SOL) has faced difficulties breaking through the $200-$205 resistance zone and is now experiencing a decline, trading below key support levels. Here’s a detailed analysis of the current market situation:

Current Market Conditions:

• Price Movement:

After struggling to maintain above the $200-$205 resistance zone, Solana’s price started to decline, falling below the $192 support level. The price even dipped to as low as $182.20 and is now consolidating losses.

• Below Key Levels:

SOL is currently trading below $192 and the 100-hourly Simple Moving Average (SMA), indicating bearish momentum. Additionally, a bearish trend line has formed with resistance at $190 on the hourly chart.

Resistance and Support Levels:

• Resistance Levels:

• $190: Immediate resistance, where the price is currently facing selling pressure.

• $192: The next significant resistance level. If the price clears this level, it could signal a potential recovery.

• $200: A major resistance zone, including the 50% Fibonacci retracement level of the decline from $223 to $182. A break above this level could pave the way for further upward movement, potentially reaching $212 and $225.

• Support Levels:

• $182: The recent low forms a short-term support level.

• $180: A key support level, which, if broken, could lead to a deeper decline.

• $175 and $162: If the price falls below $180, the next major support zones are at $175 and $162, respectively.

Potential Scenarios:

1. Bullish Scenario:

If Solana manages to rise above $190 and clears $192, there could be a possibility of a recovery, with the next resistance levels at $200, $212, and $225.

2. Bearish Scenario:

If SOL fails to clear the $190-$192 resistance zone, it could continue its decline. The next support levels to watch are $182, $180, and $175. A drop below $175 might push the price towards $162.