Solana (SOL) Drops Toward Support — Bulls Eye Potential Recovery Base
Analysis
Price Impact
MedSolana (sol) has corrected gains, falling below $198 and $195. it is now approaching critical support levels, which could dictate its short-term direction, leading to either a recovery or further decline.
Trustworthiness
HighThe source explicitly states a strict editorial policy focused on accuracy, relevance, and impartiality, created and reviewed by industry experts with high reporting standards.
Price Direction
NeutralSol is currently in a downside correction with bearish technicals (macd, rsi below 50). it is trading below $195 and the 100-hourly sma. resistance is at $198-$200. however, bulls are active near the $192 support. a break below $188 could lead to further declines to $184 or $177, while a successful hold and move above $205 could initiate a recovery towards $220-$225.
Time Effect
ShortThe analysis is based on hourly charts and references 'short-term bearish zone' and 'near term' movements, indicating a focus on immediate price action.
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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 $198 and corrected gains. SOL price is now trading below $195 and might find bids near the $188 zone. SOL price started a downside correction below $198 against the US Dollar. The price is now trading below $195 and the 100-hourly simple moving average. There is a declining channel forming with resistance at $200 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could extend losses if it dips below the $188 zone. Solana Price Approaches Support Solana price failed to surpass $205 and started a downside correction, beating Bitcoin and Ethereum . SOL dipped below $200 and $198 to enter a short-term bearish zone. There was a move below the 23.6% Fib retracement level of the upward wave from the $177 swing low to the $205 high. However, the bulls are active near the $192 support. Besides, there is a declining channel forming with resistance at $200 on the hourly chart of the SOL/USD pair. Source: SOLUSD on TradingView.com Solana is now trading below $195 and the 100-hourly simple moving average. 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 $220. Any more gains might send the price toward the $225 level. Downside Break In SOL? If SOL fails to rise above the $198 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 $184 support zone. If there is a close below the $184 support, the price could decline toward the $177 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 – $198 and $200.