Solana (SOL) Weakens Again — Break Below $200 Opens Door For Further Decline
Analysis
Price Impact
HighSolana (sol) has broken below the key $200 level and a bullish trend line at $198. technical indicators like macd and rsi are in bearish territory, indicating a strong potential for further downside if support levels at $192 and $188 are breached.
Trustworthiness
HighThe news source explicitly states a strict editorial policy focusing on accuracy, relevance, and impartiality. content is created by industry experts and meticulously reviewed, adhering to the highest standards in reporting and publishing.
Price Direction
BearishThe price has corrected gains, trading below $200 and the 100-hourly simple moving average. a crucial bullish trend line has been broken, and indicators (macd and rsi) are showing bearish momentum, suggesting a decline toward $192, $188, or even $180 if the current downtrend continues.
Time Effect
ShortThe analysis is based on hourly charts and immediate resistance/support levels, focusing on potential moves in the 'near term' based on current technical breakdowns.
Original Article:
Article Content:
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Solana failed to stay above $200 and corrected gains. SOL price is now trading below $200 and might decline further if it dips below $192. SOL price started a downside correction below $200 against the US Dollar. The price is now trading below $198 and the 100-hourly simple moving average. There was a break below a bullish trend line with support at $198 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could extend losses if it dips below the $192 zone. Solana Price Corrects Some Gains Solana price started a decent increase after it settled above the $192 zone, beating Bitcoin and Ethereum . SOL climbed above the $198 level to enter a short-term positive zone. The price even smashed the $200 resistance. A high was formed near $205 and the price recently corrected some gains. There was a move below the 23.6% Fib retracement level of the upward wave from the $177 swing low to the $205 high. Besides, there was a break below a bullish trend line with support at $198 on the hourly chart of the SOL/USD pair. Solana is now trading below $198 and the 100-hourly simple moving average. Source: SOLUSD on TradingView.com On the upside, the price is facing resistance near the $198 level. The next major resistance is near the $200 level. The main resistance could be $205. A successful close above the $205 resistance zone could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level. More Losses In SOL? If SOL fails to rise above the $200 resistance, it could start another decline. Initial support on the downside is near the $192 zone and the 50% Fib retracement level of the upward wave from the $177 swing low to the $205 high. The first major support is near the $188 level. A break below the $188 level might send the price toward the $180 support zone. If there is a close below the $180 support, the price could decline toward the $166 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 – $192 and $188. Major Resistance Levels – $200 and $205.