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Another Decline in SOL?

If $SOL fails to rise above the $170 resistance, it could start another decline. Initial support on the downside is near the $162 zone. The first major support is near the $160 level.

A break below the $160 level might send the price toward the $155 zone. If there is a close below the $155 support, the price could decline toward the $142 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $162 and $160.

Major Resistance Levels – $170 and $172.