Solana Tests Key Support After Failed $200 Push

Solana 's price action sees a bearish shift as it struggles to maintain momentum above the significant $205 resistance, now dipping below $192. This trend signals potential challenges ahead.

Recently, Solana's value initiated a downward trajectory after failing to hold above the pivotal $200 mark against the US Dollar. On Friday, trading activity saw the price fall beneath both $192 and the 100-hour simple moving average.

A prevailing bearish trend line appears on the hourly SOL/USD chart with resistance evident at $190, indicating potential volatility. Despite this, a renewed upward movement could occur if bullish forces reclaim the critical $192 zone.

Solana’s recent attempts to surpass the $200-$205 range were unsuccessful. It has mirrored the trend seen in other major cryptocurrencies such as Bitcoin and Ethereum , experiencing declines past the $200 and $192 support marks. Further, it dipped below the $185 threshold, reaching a low of $182.20, and is currently consolidating losses below the 23.6% Fibonacci retracement of its move from a $223 high to the new low.

The asset remains under the $192 level coupled with the 100-hourly simple moving average, facing immediate resistance around $190. Market watchers note that the next pivotal resistance is at $192, with stronger obstacles at $200 and the 50% Fibonacci retracement level from $223 to $182. A break and close above $200 could set the stage for future growth, potentially pushing the price towards $225.

However, if Solana fails to ascend past the $192 resistance, it risks descending further. Initial support is situated near $182, with significant backing at $180. A breach below this could drive the price toward the $175 range. Prolonged decreases below $175 might steer Solana’s value down to $162 in the near term.

Key indicators reflect the current bearish sentiment. The hourly MACD for SOL/USD indicates accelerating downward momentum. Similarly, the RSI sits below the 50 mark, aligning with continued selling pressure. Support lies firm at $182 and $180, while resistance critical for potential recovery resides at $190 and $192.