Solana is moving lower from the USD 115 resistance. SOL price is showing some bearish signs and could decline sharply towards the USD 68 support.
- SOL price started a new decline after the USD 115 resistance against the US dollar.
- The price is now trading below $100 and the 100 simple moving average (4 hours).
- A major bearish trendline is forming with resistance around $92 on the 4-hour chart of the SOL/USD pair (Kraken data source).
- The pair could continue to decline towards the $80 support or even $68.
Solana price starts downward correction
After a steady rise, Solana bulls struggled to break the USD 115 resistance. SOL price formed a short-term top and started a new decline below the USD 105 support.
There was a steady decline below the $100 pivot level. The bears pushed the price below the 50% Fib retracement level of the upward move from the $71 swing low to the $108 high. The price is now showing some bearish signals from the USD 115 resistance zone such as Bitcoin and Ethereum.
SOL is now trading below $95 and the 100 simple moving average (4 hours). There is also a major bearish trendline forming with resistance around $92 on the 4-hour chart of the SOL/USD pair.
Source: SOLUSD on TradingView.com
If there is a new increase, immediate resistance will be near the $92 level and the trendline. The first major resistance is near the $100 level or the 100 simple moving average (4 hours). The main resistance is now near $105. A successful close above the $105 resistance could set the pace for another major rally. The next major resistance is near USD 115. Any further gains could send the price towards the USD 125 level.
Lose more in SOL?
If SOL fails to break above the USD 92 resistance, the price could continue to decline. The initial downside support is near the USD 80 level.
The first major support is near the USD 72 level, below which the price could test USD 68. If there is a close below the $68 support, the price could fall towards the $50 support in the near term.
Technical indicators
4-hour MACD – The MACD for SOL/USD is gaining speed in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major support levels – USD 80 and USD 68.
Major resistance levels – $92, $100 and $105.
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