Solana (SOL) Below $150 Again, Exposing Price to Additional Bearish Swings

Solana started a fresh decline below the $150 zone. SOL price is now consolidating losses below $150 and might decline further below $142.

• SOL price started a fresh decline below $155 and $150 against the US Dollar.
• The price is now trading below $150 and the 100-hourly simple moving average.
• There is a key bearish trend line forming with resistance at $148 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The price could start a recovery wave if the bulls defend $142 or $140.

Solana Price Dips Again

Solana price failed to remain stable above $162 and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $155 and $150 support levels.

The price gained bearish momentum below $150. A low was formed at $141, and the price is now consolidating losses. The price recovered a few points but remained below the 23.6% Fib retracement level of the downward move from the $172 swing high to the $141 low.

Solana is now trading below $150 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $148 level. There is also a key bearish trend line forming with resistance at $148 on the hourly chart of the SOL/USD pair.

The next major resistance is near the $152 level. The main resistance could be $160 and the 61.8% Fib retracement level of the downward move from the $172 swing high to the $141 low. A successful close above the $160 resistance zone could set the pace for another steady increase. The next key resistance is $172. Any more gains might send the price toward the $180 level.

Another Decline In SOL?

If SOL fails to rise above the $152 resistance, it could continue to move down. Initial support on the downside is near the $142 zone. The first major support is near the $140 level.

A break below the $140 level might send the price toward the $132 support zone. If there is a close below the $132 support, the price could decline toward the $120 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 – $142 and $140.

Major Resistance Levels – $148 and $152.