Solana (SOL) Nosedives to $150, Can Bulls Prevent Further Collapse?

Solana started a fresh decline below the $165 zone. SOL price is now consolidating losses below $165 and might decline further below $150.

• SOL price started a fresh decline below $165 and $162 against the US Dollar.
• The price is now trading below $165 and the 100-hourly simple moving average.
• There is a key bearish trend line forming with resistance at $158 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The price could start a recovery wave if the bulls defend $150 or $145.

Solana price failed to remain stable above $180 and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $175 and $165 support levels.

The price gained bearish momentum below $160. A low was formed at $145, and the price is now consolidating losses. The price recovered a few points above the 23.6% Fib retracement level of the downward move from the $188 swing high to the $145 low.

Solana is now trading below $160 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $158 level. There is also a key bearish trend line forming with resistance at $158 on the hourly chart of the SOL/USD pair.

The next major resistance is near the $162 level. The main resistance could be $166 and the 50% Fib retracement level of the downward move from the $188 swing high to the $145 low. A successful close above the $166 resistance zone could set the pace for another steady increase. The next key resistance is $175. Any more gains might send the price toward the $180 level.

If SOL fails to rise above the $166 resistance, it could continue to move down. Initial support on the downside is near the $155 zone. The first major support is near the $150 level.

A break below the $150 level might send the price toward the $145 support zone. If there is a close below the $145 support, the price could decline toward the $132 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 – $155 and $150.

Major Resistance Levels – $162 and $166.