Solana started a fresh decline below the $145 zone. SOL price is now consolidating losses below $140 and could fall further below $130.
- SOL price started a fresh decline below $145 and $140 against the US Dollar.
- The price is currently below $140 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance at $136 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price could trigger a recovery wave if bulls defend the $130 or $128 levels.
Solana price continues to fall
Solana price failed to remain stable above $155 and started a fresh decline like Bitcoin and Ethereum. SOL fell below the $150 and $140 support levels.
The price gained bearish momentum below $138. A low was formed at $128 and the price is now consolidating losses. The price recovered a few points above the 23.6% Fib retracement level of the downward move from the swing high $143 to low $128.
Solana is now trading below $140 and the 100 hourly simple moving average. On the downside, the immediate resistance is near the $136 level. There is also a key bearish trend line forming with resistance at $136 on the hourly chart of the SOL/USD pair.
The next major resistance is near the $140 level or the 76.4% Fib retracement level of the downward move from the $143 high to $128 low. The main resistance could be at $142. A successful close above the $142 resistance zone could lay the foundation for another steady increase. The next key resistance is at $150. Further gains could push the price towards the $155 level.
Another decline in SOL?
If SOL fails to rise above the $140 resistance, it could fall further. The first support on the downside is near the $130 zone. The first major support is near the $128 level.
A break below $128 could push the price towards the $120 support zone. If the close is below the $120 support, the price could decline towards the $108 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Key Support Levels – $130 and $128.
Major resistance levels – $136 and $140.
