Solana started a fresh decline below the $135 zone. SOL price is now consolidating losses below $130 and might decline further below $125.
- SOL price started a fresh decline below $135 and $130 against the US Dollar.
- The price is now trading below $130 and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $136 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price could start a recovery wave if the bulls defend $125 or $120.
Solana Price Dips Further
Solana price failed to remain stable above $140 and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $135 and $132 support levels.
The price gained bearish momentum below $130. A low was formed at $123, and the price is now consolidating losses. The price recovered a few points and tested the 23.6% Fib retracement level of the downward move from the $144 swing high to the $123 low.
Solana is now trading below $130 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $128 level. The next major resistance is near the $130 level. The main resistance could be $134 or the 50% Fib retracement level of the downward move from the $144 swing high to the $123 low.
There is also a key bearish trend line forming with resistance at $136 on the hourly chart of the SOL/USD pair. A successful close above the $136 resistance zone could set the pace for another steady increase. The next key resistance is $140. Any more gains might send the price toward the $145 level.
Another Decline In SOL?
If SOL fails to rise above the $130 resistance, it could continue to move down. Initial support on the downside is near the $125 zone. The first major support is near the $122 level.
A break below the $122 level might send the price toward the $120 support zone. If there is a close below the $120 support, the price could decline toward the $112 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 – $125 and $122.
Major Resistance Levels – $130 and $136.
