Solana started to drop from the $188 area. Now, the Sol price is falling and may drop further below the $170 level.
- Sol Price started a new decline from the $188 resistance zone against the US dollar.
- Now, the price is trading below the $180 and the 100-hour simple moving average.
- In the hourly chart of the SOL/USD pair (Kraken’s data source), there is a connected bearish trend line with a resistance of $176.
- If the couple clears the $180 resistance zone, the couple may start a new growth.
Solana prices drop again
Solana Price formed the foundation with $170 support and started new growth, such as Bitcoin and Ethereum. Sol’s pace exceeded the resistance levels of $172 and $175.
Price tested the $188 resistor before it fell fresh to $170. A low point formed nearly $170, and the price has recently tried new improvements. Price cleared the $172 level. It surpassed 23.6% of the FIB retracement level that has recently dropped from the $188 Swing High to the $170 low.
Solana is trading below $180 now, while the 100-hour simple moving average is. On the hourly chart of the SOL/USD pair, there is also a connected bearish trend line with a resistance of $176.
On the plus side, the price is facing a resistance level of $176. The next major resistance is close to the $180 level. The main resistance may be $185. Successful closing of resistor zones above $185 can set the pace for another steady growth. The next key resistance is $192. More gains may shift the price to the $200 level.
Another decline in SOL?
If the SOL fails to exceed $176 resistance, it may drop again. The initial support for the disadvantages is near the $172 area. The first major support is close to $170.
Breaks below $170 may send prices to the $165 region and trendline. If it is close to the support of $165, the price may drop to $160 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 – $172 and $170.
Major resistance levels – $176 and $180.
