- Solana price gained bearish momentum below the $185 level against the US Dollar.
- The price is now trading below $180 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $176.50 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
- The pair could recover, but the upsides might be limited above the $180 resistance.
Solana price is trading in a short-term bearish zone below $180 against the US Dollar, like Bitcoin. SOL could accelerate further lower if it stays below the $180 resistance zone.
Solana (SOL) Price Analysis
SOL price started a fresh decline below the $200 support zone. The price gained bearish momentum below the $192 support zone. The bears were able to push the price below the $180 and $172 support levels.
A low was formed near $168.99 and the price is now consolidating losses. It seems like the price might attempt a recovery wave above the $170 level or the 23.6% Fib retracement level of the downward move from the $184.63 swing high to the $168.99 low.
On the upside, immediate resistance is near the $175 level. There is also a key bearish trend line forming with resistance near $176.50 on the 4-hour chart of the SOL/USD pair.
The trend line is near the 50% Fib retracement level of the downward move from the $184.63 swing high to the $168.99 low. The next major resistance is near the $180 level. A clear move above the $180 resistance level might call for a steady increase.
The next major resistance sits near the $192 level, above which the price might rise toward $195. Any more gains might send SOL price toward the $200 resistance zone.
On the downside, initial support is near the $168 level. A downside break below the $168 support level might spark a major drop. In the stated case, the price may perhaps decline toward the $150 level.
Looking at the chart, Solana price is trading below $180 and the 55 simple moving average (4 hours). Overall, the price could recover, but the upsides might be limited above the $180 resistance.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $168 and $160.
Key Resistance Levels – $176.50, $180, and $192.
