Recap: Solana Price Corrects Lower from $192 High
Following a failed attempt to test the $200 mark, Solana price initiated a downside correction after reaching a high near $192. The price dipped below key support levels, including $190 and $188, triggering a bearish trend. Currently, Solana is trading below $185 and the 100-hourly simple moving average, with the potential for further losses if it fails to hold above the $175 support level.
Key Support and Resistance Levels
- Initial support on the downside is near $180, followed by a major support level at $175.
- If the price breaks below $175, it could head towards $165. A further decline may lead to a test of the $155 support level in the short term.
- On the upside, resistance levels to watch include $185 and $188, with a successful break above $188 signaling a potential uptrend towards $192 and possibly $200.
Technical Indicators Signal Bearish Momentum
- Hourly MACD – The MACD for SOL/USD is showing an increase in bearish momentum as the price continues to correct lower.
- Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is currently below the 50 level, indicating a bearish sentiment among traders.
Hot Take: Will Solana Price Bounce Back?
As Solana faces a crucial support level at $180, the direction of the next price movement remains uncertain. Traders are closely monitoring the $175 support level, as a break below this point could lead to further losses. On the other hand, a successful break above the $188 resistance level could pave the way for a bullish momentum towards $192 and potentially $200. Keep an eye on key support and resistance levels for potential trading opportunities in the market.
Sources:
By
By
By
By