Solana (SOL) is showing bearish signs from the $210 resistance. The price could decline by another 10% and might revisit the $165 support.
Solana Price Signals Bearish Breakdown
Earlier this month, Solana failed to surpass $240 and started a major decline. There was a clear move below a major contracting triangle with support at $200 on the daily chart. It dived below $180 before finding bids near $165. A low was formed at $164, and the price started a decent recovery wave above $172, like Bitcoin.
The bulls were able to push SOL price above the $180 and $185 resistance levels. Finally, the price spiked above $200 and the 50% Fib retracement level of the key drop from the $237 swing high to the $164 low. However, the bears remained active near $208-$210.
Solana is moving lower after facing rejection near the 61.8% Fib retracement level of the key drop from the $237 swing high to the $164 low. It is well below $200 and the 50-day simple moving average (blue).
The current price action suggests the price is struggling to stay above $188-$185. If the bears remain active, there could be more losses. Immediate support is near the $182 level. The next major support is $172. A downside break and close below $172 might spark bearish moves.
In the stated case, SOL price might decline toward $165. If the bulls fail to protect $165, there could be a drop toward the $150 zone. Any more losses could send Solana toward $142 in the medium term.
Another Increase In SOL?
If Solana remains stable above $182 or $172, there could be a fresh increase. Immediate resistance on the upside is near the $198 level. The first key barrier sits at $200.
A close above $200 might accelerate gains. In the stated case, the price could drift toward the $208 level. If there is a clear move above the $208 resistance, the price could rise and test $215 and the 50-day simple moving average (blue). A daily close above the 50-day simple moving average (blue) could open the doors for a fresh uptrend. The next key resistance could be $220, above which the bulls could aim for a test of $240.
Overall, Solana price is showing bearish signs below $200 and $208. To start a fresh increase, SOL price must remain stable above $182 and $172. If not, the price could dip heavily toward $150 and then $142.