Solana failed to break above $145 and fell. SOL price is now consolidating losses below $135 and could fall further below $130.
- The price of SOL started a new decline below $138 and $135 against the US dollar.
- The price is now trading below $135 and the 100-hour simple moving average.
- There is a key bearish trendline forming with resistance at $140 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price could start a wave of recovery if the bulls defend $132 or $130.
The price of Solana is falling again
Solana price failed to hold steady above $142 and started a new decline, like Bitcoin and Ethereum. SOL fell below the $140 and $138 support levels.
The price gained bearish momentum below $135. The lowest level was formed at $130, and the price is now consolidating losses. The price recovered a few points and climbed above the 23.6% Fib retracement level of the move down from the $143 swing high to the $130 low.
Solana is now trading below $135 and the 100-hour simple moving average. On the downside, immediate resistance is near the $135 level. The next major resistance is near the $136 level or the 50% Fib retracement level of the $143 swing high to $130 low.
The main resistance could be $140. A key bearish trend line is also forming with resistance at $140 on the SOL/USD hourly chart. A successful close above the $140 resistance zone could set the pace for another steady rally. The next key resistance is $144. Any further gains could send the price towards the $150 level.
Another drop in SOL?
If SOL fails to rise above the $136 resistance, it could continue to move lower. Initial support on the downside is near the $132 zone. The first major support is near the $130 level.
A break below the $130 level could send the price towards the $122 support zone. If there is a close below the $122 support, the price could fall towards the $115 support in the near term.
Technical indicators
Hourly MACD – MACD for SOL/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – RSI for SOL/USD is below the 50 level.
Major support levels – $132 and $130.
Main resistance levels – 136 and 140 dollars.
