Solana (SOL) Flashes Bearish Signs — Are Further Losses Ahead?

Solana began a recent decline from the $188 zone. SOL worth is now shifting decrease and would possibly decline additional under the $170 stage.

SOL worth began a recent decline from the $188 resistance zone towards the US Greenback.
The worth is now buying and selling under $180 and the 100-hourly easy shifting common.
There’s a connecting bearish development line forming with resistance at $176 on the hourly chart of the SOL/USD pair (information supply from Kraken).
The pair might begin a recent enhance if it clears the $180 resistance zone.

Solana Value Dips Once more

Solana worth shaped a base above the $170 assist and began a recent enhance, like Bitcoin and Ethereum. SOL gained tempo for a transfer above the $172 and $175 resistance ranges.

The worth examined the $188 resistance earlier than there was a recent drop to $170. A low was shaped close to $170 and the value not too long ago tried a recent enhance. The worth cleared the $172 stage. It surpassed the 23.6% Fib retracement stage of the latest decline from the $188 swing excessive to the $170 low.

Solana is now buying and selling under $180 and the 100-hourly easy shifting common. There’s additionally a connecting bearish development line forming with resistance at $176 on the hourly chart of the SOL/USD pair.

On the upside, the value is going through resistance close to the $176 stage. The following main resistance is close to the $180 stage. The primary resistance could possibly be $185. A profitable shut above the $185 resistance zone might set the tempo for an additional regular enhance. The following key resistance is $192. Any extra features would possibly ship the value towards the $200 stage.

One other Decline in SOL?

If SOL fails to rise above the $176 resistance, it might begin one other decline. Preliminary assist on the draw back is close to the $172 zone. The primary main assist is close to the $170 stage.

A break under the $170 stage would possibly ship the value towards the $165 zone and the development line. If there’s a shut under the $165 assist, the value might decline towards the $160 assist within the close to time period.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining tempo within the bearish zone.

Hourly Hours RSI (Relative Energy Index) – The RSI for SOL/USD is under the 50 stage.

Main Assist Ranges – $172 and $170.

Main Resistance Ranges – $176 and $180.

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