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Solana (SOL) Faces Bearish Setup — Price Could Resume Decline If $175 Breaks

Solana began a contemporary decline from the $208 zone. SOL value is now consolidating losses beneath $200 and would possibly decline additional beneath $182.

  • SOL value began a contemporary decline beneath $212 and $200 towards the US Dollar.
  • The value is now buying and selling beneath $200 and the 100-hourly easy transferring common.
  • There was a break beneath a key rising channel with help at $188 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
  • The value might begin one other enhance if the bulls defend $182 or $175.

Solana Price Dips Again

Solana value prolonged positive factors above $200 and $202, like Bitcoin and Ethereum. SOL even surpassed $210 earlier than the bears appeared. A high was shaped close to $208 and the value dropped.

There was a transfer beneath $200 and $182. A low was shaped at $174, and the value lately tried a minor restoration wave. It climbed above the 50% Fib retracement degree of the downward transfer from the $208 swing high to the $174 low.

However, the bears remained lively beneath $195. They protected the 61.8% Fib retracement degree of the downward transfer from the $208 swing high to the $174 low. SOL is once more transferring beneath $190. Besides, there was a break beneath a key rising channel with help at $188 on the hourly chart of the SOL/USD pair.

Solana is now buying and selling beneath $188 and the 100-hourly easy transferring common. If there’s a restoration wave, the value might face resistance close to the $188 degree. The subsequent main resistance is close to the $195 degree.

The foremost resistance may very well be $200. A profitable shut above the $200 resistance zone might set the tempo for an additional regular enhance. The subsequent key resistance is $208. Any extra positive factors would possibly ship the value towards the $215 degree.

Downside Continuation In SOL?

If SOL fails to rise above the $195 resistance, it might proceed to maneuver down. Initial help on the draw back is close to the $182 zone. The first main help is close to the $175 degree.

A break beneath the $175 degree would possibly ship the value towards the $165 help zone. If there’s a shut beneath the $165 help, the value might decline towards the $150 help within the close to time period.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining tempo within the bearish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is beneath the 50 degree.

Major Support Levels – $182 and $175.

Major Resistance Levels – $195 and $200.

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