Solana (SOL) Plunges 20%—Key Support Levels Now in Focus
Solana started a fresh decline from the $180 zone. SOL price is down over 20% and might struggle to recover above the $150 resistance.
- SOL price started a fresh decline below the $162 and $150 levels against the US Dollar.
- The price is now trading below $150 and the 100-hourly simple moving average.
- There was a break below a connecting bullish trend line with support at $148 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if the bulls clear the $150 zone.
Solana Price Dips Heavily
Solana price struggled to clear the $180 resistance and started a fresh decline, like Bitcoin and Ethereum . SOL declined below the $165 and $155 support levels.
It even dived below the $150 level. There was a break below a connecting bullish trend line with support at $148 on the hourly chart of the SOL/USD pair. The recent low was formed at $132 and the price is now consolidating losses with a bearish angle.
Solana is now trading below $140 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $140 level. The next major resistance is near the $144 level or the 23.6% Fib retracement level of the downward move from the $180 swing high to the $132 swing low.
Source: SOLUSD on TradingView.comThe main resistance could be $156 and the 50% Fib retracement level of the downward move from the $180 swing high to the $132 swing low. A successful close above the $156 resistance zone could set the pace for another steady increase. The next key resistance is $165. Any more gains might send the price toward the $180 level.
More Losses in SOL?
If SOL fails to rise above the $148 resistance, it could start another decline. Initial support on the downside is near the $132 zone. The first major support is near the $125 level.
A break below the $125 level might send the price toward the $120 zone. If there is a close below the $120 support, the price could decline toward the $102 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 – $132 and $125.
Major Resistance Levels – $148 and $156.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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