Solana began a new decline below the $145 area. SOL price is now consolidating losses below $140 and could fall further below $130.
- SOL price started a new decline below $145 and $140 against the US dollar.
- The price is now trading below $140 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance at $136 on the hourly chart of the SOL/USD pair (data feed from Kraken).
- The price could start a recovery wave if the bulls defend $130 or $128.
Solana price drops further
Solana price failed to remain stable above $155 and started a new decline, like Bitcoin and Ethereum. SOL fell below the $150 and $140 support levels.
The price gained bearish momentum below $138. A low of $128 was formed and the price is now consolidating losses. The price recovered a few points above the 23.6% Fibonacci retracement level of the downward move from the high of $143 to the low of $128.
Solana is now trading below $140 and the 100 hourly simple moving average. On the upside, immediate resistance is near the $136 level. There is also a key bearish trend line forming with resistance at $136 on the hourly chart of the SOL/USD pair.
The next major resistance is near the $140 level or the 76.4% Fibonacci retracement level of the downward move from the high of $143 to the low of $128. The main resistance could be at $142. A successful close above the $142 resistance zone could set the pace for another steady rise. The next key resistance is $150. Any further gains could send the price towards the $155 level.
Another decline in SOL?
If SOL fails to overcome the $140 resistance, it could continue down. The initial support on the downside is near the $130 area. The first major support is near the $128 level.
A break below the $128 level could send the price towards the $120 support zone. If there is a close below the $120 support, the price could fall towards the $108 support in the near term.
Technical Indicators
Hourly MACD: The MACD for SOL/USD is gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Main support levels: $130 and $128.
Main resistance levels: $136 and $140.
