Solana failed to clear the $205 resistance and trimmed gains. SOL price is now below $192 and showing a few bearish signs.

Solana price struggled to clear the $200-$205 zone and started a fresh decline, like Bitcoin and Ethereum. There was a move below the $200 and $192 support levels.

The price even dipped below the $185 support.

A low was formed at $182.20, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $223 swing high to the $182 low.

Solana is now trading below $192 and the 100-hourly simple moving average.

There is also a connecting bearish trend line forming with resistance at $190 on the hourly chart of the SOL/USD pair.

On the upside, the price is facing resistance near the $190 level.

The next major resistance is near the $192 level.

The main resistance could be $200 or the 50% Fib retracement level of the downward move from the $223 swing high to the $182 low.

A successful close above the $200 resistance zone could set the pace for another steady increase.

The next key resistance is $212. Any more gains might send the price toward the $225 level.

If SOL fails to rise above the $192 resistance, it could start another decline. Initial support on the downside is near the $182 level. The first major support is near the $180 level.

A break below the $180 level might send the price toward the $175 zone.

If there is a close below the $175 support, the price could decline toward the $162 support in the near term.

블록테크미디어 MICHAEL JANG desk@blocktechmedia.com MICHAEL JANG의 기사 더보기

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