Solana Plunges Towards $150: Can Bulls Mount a Defense Against Further Collapse?
Solana (SOL) has recently initiated a significant downturn, falling below the crucial $165 mark and continuing its bearish trajectory. The cryptocurrency is currently consolidating losses under $165, with analysts warning of a potential further decline if key support levels fail to hold, possibly pushing the price below $150.
Solana's Tumbling Trajectory
Following a failure to sustain its position above the $180 threshold, Solana mirrored the broader market's decline, akin to movements observed in Bitcoin and Ethereum. This sharp correction saw SOL breach several support levels, including $175 and $165, accumulating substantial bearish momentum below $160. The price found a temporary low at $145 but is now struggling to consolidate these losses. Despite a minor recovery above the 23.6% Fibonacci retracement level—calculated from its $188 swing high to the recent $145 low—Solana continues to trade beneath $160 and the 100-hourly Simple Moving Average. Immediate resistance looms around $158, reinforced by a forming bearish trend line on the hourly chart.
Critical Support and Resistance Zones
The immediate future for Solana hinges on its ability to overcome overhead resistance. The next major resistance point is identified near $162, with the primary resistance situated around $166, which also aligns with the 50% Fibonacci retracement level of the recent downward move. A decisive close above this $166 zone could signal a potential turnaround and pave the way for a steady climb towards $175, and possibly $180. Conversely, if SOL struggles to break past the $166 resistance, the downtrend is likely to persist. Initial downside support is found around $155, with the first major support critical at $150. A break below $150 could expose the $145 support zone, and a sustained close beneath $145 might ultimately lead the price towards the $132 support in the near term. Technical Snapshot
- Hourly MACD: Currently accelerating within the bearish zone, indicating strong selling pressure.
- Hourly RSI: Remains below the 50 level, reinforcing the bearish sentiment.
- Major Support Levels: $155, $150
- Major Resistance Levels: $162, $166 Disclaimer: The information provided is for educational purposes only and does not constitute financial advice. All investments carry risks, and you should conduct your own research before making any investment decisions.
