Solana has begun a new decline from the $210 zone. Sol Price is integrated and could potentially aim for a new move that surpasses the $200 resistance zone.
Sol Price has begun a new decline, below the $205 and $200 levels against the US dollar. The price is currently trading below $200, and is a simple moving average of 100 hours. There is a bearish trend line connecting with hourly charts of SOL/USD pair hourly wages (Kraken data sources) with resistance formed at $198. Once the Bulls clear the $200 zone, the pair could begin a new increase.
Solana prices face hurdles
Solana Price struggled to clear the $210 resistance and began to drop new times like Bitcoin and Ethereum. SOL has fallen below the $202 and $200 support levels.
It was below the $192 level. The recent lowest was formed at $188 before the price began a recovery wave. There was a move above the $190 and $192 levels. The price has cleared a downward 23.6% FIB retracement level from a $209 swing high to a $188 swing low.
However, bears are below the $200 level. They protected a 50% FIB retracement level for downward movements, from a $209 Swing High to a $188 Swing Low.
Solana is currently trading above $200 and has a simple moving average of 100 hours. The advantage is that the price faces resistance near the $198 level. It also forms a connected bearish trendline with resistance at $198 on the hourly chart of the Sol/USD pair.
The next major resistance is close to the $200 level. The main resistance could be $202. Successfully beyond the $202 resistance zone allows you to set another steady pace of growth. The next important resistance is $210. Any further profit could potentially send the price towards the $220 level.
Another reduction in SOL?
If the SoL does not rise above the $200 resistance, it may begin to decline. The initial support of the drawback is near the $194 zone. The initial main support is close to the $188 level.
A break below the $188 level could send the price to the $180 zone. If it falls below $180 support, the price could drop towards $175 in the short term.
Technical indicators
HOURLY MACD – SOL/USD’s MACD is paced in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – SOL/USD’s RSI is above 50 levels.
Key support levels – $194 and $188.
Major resistance levels – $200 and $202.
