Solana slipped below the $180 threshold Monday as sellers maintained pressure on the cryptocurrency, which had briefly touched $189 before retreating. The digital asset now trades below its 100-hourly moving average, with technical indicators suggesting further downside could materialize if key support levels fail to hold.
What to Know:
- Solana dropped from a recent high near $189 to a low of $176, now consolidating below $180 with a bearish trend line forming at $192 resistance
- Technical indicators including MACD and RSI signal continued bearish momentum, with RSI falling below the neutral 50 level
- Support levels at $175 and $172 represent critical tests ahead, while any break below $172 could accelerate losses toward $165 or potentially $150
Technical Breakdown Shows Weakening Momentum
The cryptocurrency extended its decline after failing to sustain gains above $188, mirroring broader weakness seen in Bitcoin and Ethereum during the same period. Solana briefly surpassed the $188 mark before sellers emerged, pushing the price through multiple support levels at $185 and $180.
The asset now consolidates below the 23.6% Fibonacci retracement level of its move from the $188 swing high to the $176 low. A bearish trend line has formed on the hourly chart with resistance positioned at $192, creating a technical ceiling for any recovery attempts.
Immediate resistance sits near $182, corresponding to the 50% Fibonacci retracement of the recent downward move.
The 100-hourly simple moving average has crossed above the current price, another bearish signal that suggests the path of least resistance remains lower.
Additional resistance awaits at $185, with the main barrier at $188. Only a decisive close above $188 would shift momentum, potentially opening a path toward the trend line at $192 and the psychological $200 level beyond.
Further Losses Could Test Lower Support Zones
Failure to reclaim the $188 resistance zone leaves Solana vulnerable to additional selling pressure. The $175 level represents the first line of defense, with major support positioned at $172.
A breach of $172 would likely accelerate losses toward $165, a zone that previously provided support during earlier corrections. More concerning for bulls would be a close below $165, which could trigger a move toward $150 in the near term.
Such a decline would represent a significant retracement from recent highs.
The hourly MACD indicator continues gaining momentum in bearish territory, while the Relative Strength Index trades below 50, indicating sellers maintain control of near-term price action. These technical readings align with the price structure, suggesting additional downside pressure could materialize before conditions stabilize.
Closing Thoughts
Solana faces a critical juncture as technical indicators align with bearish price action, suggesting bulls must defend the $175 and $172 support levels to prevent accelerated losses. Any recovery would need to clear multiple resistance levels, starting with $182 and extending through $188, before momentum could shift meaningfully in favor of buyers.