Crypto News Report:
Solana started to decline again from the $155 resistance level. SOL’s price dropped more than 10%, but bulls are currently defending the $132 support level.
Solana’s price saw a sharp decline from the $155 resistance level.
Currently, the price is below $145 and the 100-hour simple moving average.
On the hourly chart of SOL/USD, it broke below the bullish trend line with support at $150 (data source: Kraken).
The currency pair may correct losses unless bulls struggle to protect the $132 support level.
Solana Price Drops 10%
Solana’s price attempted to break above the $155 resistance level but continued to trend downwards. SOL reacted to the downside, breaking below the $150 support level. On the hourly chart of SOL/USD, it broke below the bullish trend line with support at $150.
The currency pair gained bearish momentum below the $145 support level, with losses over the past two trading days exceeding those of Bitcoin and Ethereum. It dropped to the $132 support level. The low was formed at $132.17, and the price is currently attempting a rebound.
The price broke above the $135 level. Currently, it is approaching the 23.6% Fibonacci retracement level of the recent drop from a high of $154.74 to a low of $132.17.
Solana
The current trading price is well below the $145 level and the 100-hour simple moving average. If it rises again, the price may face resistance near $138. The next major resistance is around $143.50, and the 50% Fibonacci retracement level of the drop from $154.74 to $132.17.
Closing above the $143.50 resistance could set the stage for further steady gains. The next key resistance is near $150. If the upward momentum continues, the price might test the $155 level again.
More Losses for SOL?
If SOL fails to break above the $143.50 resistance, it could decline again. Initial support is near $135.
The first major support is around $132, and breaking below this level could test $125. If the closing price falls below the $125 support, the price may drop towards the $112 support level in the short term.
Technical Indicators
Hourly MACD – MACD for SOL/USD is accelerating within bearish territory.
Hourly RSI (Relative Strength Index) – RSI for SOL/USD is below the 50 level.
Key Support Levels – $135 and $132.
Key Resistance Levels – $143.50 and $150
