Solana's valuation has encountered a notable decrease, dropping over 10% to struggle with sustaining the crucial $175 support level.
In recent market activity, Solana (SOL) initiated a downward trajectory, slipping beneath key thresholds of $200 and $185 against the US Dollar. The asset is currently trading below $185 and its 100-hourly simple moving average.
A bearish trend line has emerged on the hourly chart of the SOL/USD pair, indicating resistance at the $182 mark. However, an upward momentum could be triggered if bulls manage to reclaim the $185 zone.
Solana's value suffered after failing to surpass the $205 resistance, declining more significantly than Bitcoin and Ethereum. This downturn saw SOL prices fall past the $200 and $192 supports, with a further dip below $185. The recent low was recorded at $174, after which the price has been consolidating with a bearish tilt below the 23.6% Fibonacci retracement from the $205 high to the $174 low.
Now, for the first time in the last few month, Solana slipped below BNB in the top list of the cryptos by market cap.
Presently, Solana trades below $185 and its 100-hourly moving average. Resistance is encountered near $182, bolstered by a bearish trend line. Further resistance levels are positioned at $185 and more significantly at $190, correlating with the 50% Fibonacci retracement from the former swing high to recent lows.
A close above the $190 resistance may instigate a robust upward trend, with subsequent resistance pegged at $198, potentially targeting the $205 level.
Failing to break above the $185 resistance could result in further drops for Solana. Initial support is anticipated around $174, with a more significant support at $170. A breach below this level could see prices fall to $165. Failure to hold this support suggests further declines, potentially reaching $150 in the short term.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.
