it's time to buy $SOL ??
Solana (SOL) Drops 20%: Key Support Levels in Play
Solana's price took a sharp hit, dropping over 20% from its $180 high. Now struggling below $150, SOL faces difficulty in mounting a recovery.
SOL fell below critical support levels at $162 and $150 against the US Dollar.
The price remains under $150 and the 100-hourly Simple Moving Average (SMA).
A bullish trend line at $148 on the hourly SOL/USD chart was broken, signaling further downside pressure.
If bulls reclaim the $150 level, a rebound could be possible.
Solana Faces Strong Sell-Off
Like Bitcoin and Ethereum, Solana failed to sustain its rally above $180 and experienced a significant decline. The price dropped below $165, $155, and eventually, the crucial $150 level. With the break of the $148 support, SOL has been in a bearish consolidation phase, recently touching a low of $132.
Currently, SOL is trading below $140 and the 100-hour SMA, with immediate resistance at $140. A stronger resistance level lies at $144, near the 23.6% Fibonacci retracement of the drop from $180 to $132.
Further resistance is seen at $156, aligning with the 50% Fibonacci retracement level. A sustained move above $156 could trigger a recovery toward $165, and a continued rally might push the price back toward $180.
More Downside Ahead?
If SOL fails to reclaim the $148 resistance, further losses could be on the horizon. The first support level is at $132, followed by a more significant level at $125. A breakdown below $125 could drive SOL toward $120, and a close below $120 might open the door for a drop to $102.
Technical Indicators:
MACD (Hourly SOL/USD): Gaining momentum in the bearish zone.
RSI (Hourly SOL/USD): Below 50, indicating weakness.
Major Support Levels: $132, $125.
Key Resistance Levels: $148, $156.