Solana started to drop from the $172 area. Now, the price of Sol is lowering and may drop further below $155.
- Sol Price started a new decline from the $172 resistance zone against the US dollar.
- Now, the price trades below $162, while the 100-hour simple moving average.
- In the hourly chart of the SOL/USD pair, there is a key bearish trend line with a resistance of $160 (from Kraken’s data source).
- If the couple clears the $160 resistance zone, a new addition can be started.
Solana prices drop again
Solana Price failed to continue above the $172 level and began new declines such as Bitcoin and Ethereum. Sol got the pace and traded at a support level of $160.
Prices are even below $155. The price of a low is close to $150, and the price has recently begun a wave of recovery. Above the $155 level. It surpassed 23.6% of the FIB retracement level that has recently dropped from the $180 Swing High to the $150 low.
Solana is now trading below $160, while the 100-hour simple moving average. On the hourly chart of the SOL/USD pair, there is also a key bearish trend line with resistance of $160.
On the plus side, the price is facing resistance at the $160 level and trend line. The next major resistor is close to the $165 level. It is close to the recent 50% FIB retracement level from the $180 Swing High to the $150 low.
The main resistance could be $170. The successful shutdown of the resistor zone over $170 can set the pace for another steady growth. The next key resistance is $172. More gains may shift the price to the $180 level.
Another decline in SOL?
If the SOL cannot exceed the $160 resistance, it may drop again. The initial support for the disadvantage is around the $155 area. The first major support is close to $152.
Rest hours below $152 may shift the price to the $145 area. If it is close to the $145 support, the price may drop to $132 support in the short term.
Technical Indicators
Hourly MACD – SOL/USD’s MACD is accelerating its pace in the bearish zone.
Hours and hours RSI (relative intensity index) – The RSI of SOL/USD is below level 50.
Main support levels – $155 and $152.
Major resistance levels – $160 and $162.
