#solana OL price started a fresh decline below $232 and $220 against the US Dollar.

The price is now trading below $200 and the 100-hourly simple moving average.

There is a key bearish trend line forming with resistance at $204 on the hourly chart of the SOL/USD pair (data source from Kraken).

The price could extend losses if it stays below $204 and $212.

Solana Price Dips Sharply

Solana price failed to stay above $232 and started a fresh decline, like Bitcoin and Ethereum. SOL traded below the $220 and $212 support levels to enter a bearish zone.

The bears even pushed the price below $200 and the 100-hourly simple moving average. A low was formed at $191 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $242 swing high to the $191 low.

Solana is now trading below $200 and the 100-hourly simple moving average. Besides, there is a key bearish trend line forming with resistance at $204 on the hourly chart of the SOL/USD pair.

If there is a recovery wave, the price could face resistance near the $200 level. The next major resistance is near the $204 level or the trend line. The main resistance could be $215 or the 50% Fib retracement level of the downward move from the $242 swing high to the $191 low.