SOL Under Pressure: Bears Take Control as Price Slips Below $180
Solana (SOL) continues to face bearish momentum, falling from the key $188 resistance level and now trading below $180. The downtrend is evident, with the price struggling beneath the 100-hourly SMA and a descending trend line near $176 on the hourly SOL/USD chart.
What’s Happening with Solana?
After forming a base around $170, SOL managed a brief rally past $172 and $175, reaching as high as $188. However, strong selling pressure pushed it back down. While it attempted a recovery from the $170 zone, the price couldn’t hold above $172 and failed to clear major resistance levels.
Currently, SOL is trading below the 23.6% Fib retracement level from the $188 swing high to the $170 low. The next resistance lies at $176, followed by a stronger barrier near $180. A successful close above $185 could signal a bullish breakout, with potential to push toward $192 or even $200.
Is Another Drop Coming?
If SOL fails to break above the $176 resistance, it may resume its downward trend. Initial support is seen at $172, with a major support level at $170. A close below $170 could open the door for a drop to $165 or even $160.
Technical Indicators:
MACD (Hourly): Still showing weakness in the bearish zone.
RSI (Hourly): Below the neutral 50 level, indicating bearish momentum.
Support Levels: $172, $170
Resistance Levels: $176, $180, $185
