Solana ’s recent trading activity has showcased persistent challenges in maintaining upward momentum. Following its inability to break past the resistance levels between $200 and $205, the digital asset has encountered a decline, resulting in prices retreating below $192. Currently, Solana is facing several bearish indicators, which could suggest further downside potential.
The price movement for Solana has experienced a notable downturn, similar to trends seen in major cryptocurrencies such as Bitcoin and Ethereum . After slipping beneath the key support levels of $200 and $192, the asset’s value fell further, even dipping to a low of $182. At present, Solana is consolidating just below the 23.6% Fibonacci retracement level, a crucial indicator of its downward trajectory from the recent swing high of $223.
At this stage, the cryptocurrency is trading under $192, which is also below the 100-hourly simple moving average. A descending trend line has emerged, placing additional resistance around the $190 level. To initiate a meaningful recovery, Solana ’s price needs to break above the resistance at $192. A significant close above the $200 level could pave the way for further gains, potentially targeting the next resistance zone at $212, with the possibility of moving toward $225 thereafter.
Conversely, if Solana cannot overcome the $192 resistance barrier, another decline may be imminent. Immediate support is observed at $182, with major support lying around $180. Should a breach below the $180 threshold occur, it could trigger a move toward the $175 level. Furthermore, if the price closes below $175, Solana may head toward support levels around $162.
Technical indicators reinforce this bearish outlook, as the MACD for the SOL/USD pair shows increasing bearish momentum, while the RSI remains below the neutral zone at 50, reflecting a generally pessimistic sentiment among traders.
