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NewsBTC 2025-02-26 05:18:29

Solana (SOL) Sees Red—What’s Next for the Price?

Solana (SOL) Sees Red—What’s Next for the Price?

Solana started a fresh decline from the $162 zone. SOL price is down over 15% and might struggle to recover above the $150 resistance. SOL price started a fresh decline below the $162 and $150 levels against the US Dollar. The price is now trading below $150 and the 100-hourly simple moving average. There is a connecting bearish trend line forming with resistance at $144 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start a fresh increase if the bulls clear the $150 zone. Solana Price Dips Sharply Solana price struggled to clear the $185 resistance and started a fresh decline, underperforming Bitcoin and Ethereum . SOL declined below the $162 and $150 support levels. It even dived below the $135 level. The recent low was formed at $131 and the price is now consolidating losses with a bearish angle. There was a minor recovery wave above the 23.6% Fib retracement level of the downward move from the $173 swing high to the $131 swing low. Solana is now trading below $145 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $144 level. There is also a connecting bearish trend line forming with resistance at $144 on the hourly chart of the SOL/USD pair. The next major resistance is near the $150 level. The main resistance could be $152 and the 50% Fib retracement level of the downward move from the $173 swing high to the $131 swing low. A successful close above the $152 resistance zone could set the pace for another steady increase. The next key resistance is $160. Any more gains might send the price toward the $165 level. Another Decline in SOL? If SOL fails to rise above the $145 resistance, it could start another decline. Initial support on the downside is near the $141 zone. The first major support is near the $136 level. A break below the $136 level might send the price toward the $131 zone. If there is a close below the $125 support, the price could decline toward the $120 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is losing pace in the bearish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – $136 and $131. Major Resistance Levels – $145 and $152.

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