Solana (Sol) sees red. What’s next for the price?

Solana began a new decline from the $162 zone. Sol Price is above 15% and could struggle to recover beyond $150 resistance.

• Sol Price has begun a new decline below the $162 and $150 levels against the US dollar.
• Prices are currently below $150 and are trading a simple 100-hour moving average.
• A connected bearish trendline is formed with resistance at $144 on the hourly chart of the Sol/USD pair (Kraken’s data source).
• Once the Bulls clear the $150 zone, the pair could begin a new increase.

Solana Price drops sharply

Solana Price struggled to resolve the $185 resistance and began a new decline, causing bitcoin and Ethereum to perform poorly. SOL has fallen below the support levels of $162 and $150.

It was below the $135 level. The recent lowest was formed at $131, and the price is currently consolidating losses at a bearish angle. There was a minor recovery wave above the 23.6% FIB retracement level of downward movement from a $173 swing high to a $131 swing low.

Solana currently trades a simple moving average of 100 hours for under $145. The advantage is that the price faces resistance near the $144 level. There is also a bearish trendline connecting with $144 resistance on the hourly chart of SOL/USD pairs.

The next major resistance is close to the $150 level. The main resistance is $152, with a 50% FIB retracement level of downward movement from a swing high of $173 to a swing low of $131.

Successfully beyond the $152 resistance zone allows you to set another steady pace of growth. The next important resistance is $160. Any further profit could potentially send the price towards the $165 level.

Another reduction in SOL?

If the SoL does not rise above the $145 resistance, it may begin to decline. The initial support of the downside is near the $141 zone. The first major support is close to the $136 level.

A break below the $136 level could send the price to the $131 zone. If it falls below $125 support, the price could drop towards $120 support in the short term.

Technical indicators

HOURLY MACD – MACD at SOL/USD is losing pace in the bear zone.

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

Key support levels – $136 and $131.

Major resistance levels – $145 and $152.