Solana started a fresh decline from the $238 zone. SOL price is now consolidating losses below $225 and might decline further below $218.
- SOL price started a fresh decline below $232 and $230 against the US Dollar.
- The price is now trading below $225 and the 100-hourly simple moving average.
- There was a break below a key bullish trend line with support at $230 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price could start another increase if the bulls defend $218 or $212.
Solana Price Dips Below Support
Solana price extended gains above $225 and $230, like Bitcoin and Ethereum. SOL even surpassed $235 before the bears appeared. A high was formed near $238 and the price dropped.
There was a move below $232. Besides, there was a break below a key bullish trend line with support at $230 on the hourly chart of the SOL/USD pair. The pair traded as low as $217.47 and is currently consolidating losses below the 23.6% Fib retracement level of the recent decline from the $237 swing high to the $217 low.
Solana is now trading below $225 and the 100-hourly simple moving average. If there is a recovery wave, the price could face resistance near the $222 level. The next major resistance is near the $228 level or the 50% Fib retracement level of the recent decline from the $237 swing high to the $217 low.
The main resistance could be $230. A successful close above the $230 resistance zone could set the pace for another steady increase. The next key resistance is $238. Any more gains might send the price toward the $245 level.
Another Drop In SOL?
If SOL fails to rise above the $230 resistance, it could continue to move down. Initial support on the downside is near the $218 zone. The first major support is near the $212 level.
A break below the $212 level might send the price toward the $200 support zone. If there is a close below the $200 support, the price could decline toward the $188 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 – $218 and $212.
Major Resistance Levels – $230 and $238.
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