Solana (SOL) Decline Intensifies — Bears Tighten Grip, Recovery Looks Unlikely

Solana started a fresh decline below the $180 zone. SOL price is now consolidating losses below $175 and might decline further below $165. SOL price started a fresh decline below $180 and $175 against the US Dollar. The price is now trading below $175 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $191 on the hourly chart of the SOL/USD pair (data source from Kraken). The price could start a recovery wave if the bulls defend $165 or $162. Solana Price Dips Further Solana price failed to remain stable above $185 and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $182 and $180 support levels. The price gained bearish momentum below $175. A low was formed at $163, and the price is now consolidating losses with a bearish angle below the 23.6% Fib retracement level of the downward move from the $188 swing high to the $163 low. Solana is now trading below $175 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $170 level. The next major resistance is near the $175 level or the 50% Fib retracement level of the downward move from the $188 swing high to the $163 low. The main resistance could be $182. A successful close above the $182 resistance zone could set the pace for another steady increase. The next key resistance is $190. There is also a key bearish trend line forming with resistance at $191 on the hourly chart of the SOL/USD pair. Any more gains might send the price toward the $200 level. Another Decline In SOL? If SOL fails to rise above the $175 resistance, it could continue to move down. Initial support on the downside is near the $165 zone. The first major support is near the $162 level. A break below the $162 level might send the price toward the $154 support zone. If there is a close below the $154 support, the price could decline toward the $150 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 – $165 and $162. Major Resistance Levels – $175 and $182.