Solana began a new decline from the $238 zone. The SOL price is currently under $225, and could drop further below $218.
SOL prices began a new decline, falling below $232 and $230 against the US dollar. The price is currently trading below the $225 simple moving average of $100 hours. The SOL/USD pair time chart has fallen below the key bullish trendline supporting $230 (data source: Kraken). Prices could start to rise even further if bulls defend $218 or $212.
Solana prices fall below support
Solana prices have risen above $225 and $230, similar to Bitcoin and Ethereum. Before the bears appeared, SOL was over $235. It formed a high near $238, and prices fell.
There was a move below $232. Additionally, the SOL/USD pair hourly charts have broken below the major bullish trendline, supporting $230. The pair is trading lows to $217.47 and currently solidifies losses below the recent decline of 23.6% Fib retracement levels, from a high of $237 to a low of $217.
Solana is currently trading below the $225 and 100-hour simple moving average. With a wave of recovery, prices could face resistance near the $222 level. The next major resistance line is near the $228 level or the 50% fibre retracement level, which fell from the recent $237 swing high to the $217 low.
The main resistance line could be $230. A further steady pace of increase could be set if they could close beyond the $230 resistance zone. The next major resistance line is $238. Any further rise could lead to prices reaching the $245 level.
Would you like to drop SOL again?
If SOL fails to exceed the $230 resistance line, it could continue to fall. The initial support for the lower price is around the $218 zone. The first major support is around the $212 level.
If you fall below the $212 level, the price could head towards the $200 support zone. If there is a closing price below $200 support, the price could fall towards $188 support in the short term.
Technical indicators
Hourly MACD – SOL/USD MACDs are increasing their pace in the bear zone.
RSI per hour (relative force index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $218 and $212.
Major resistance levels – $230 and $238.
