Solana (SOL) has been experiencing challenges as it struggles to reach the $200 price level, facing a downside correction. The price of SOL started to correct from the $192 zone against the US Dollar and is currently trading below $185 and the 100-hourly simple moving average. A key bullish trend line with support at $187 was broken on the hourly chart of the SOL/USD pair, indicating a potential downward trend unless it settles above the $175 support.
Despite the downside correction, Solana price remained in a positive zone and extended gains, outperforming Bitcoin and Ethereum. It surpassed the $180 and $185 resistance levels but failed to test the $200 mark. A high was reached near $193.86 before the price started to decline. The price dipped below the $190 and $188 support levels, as well as the 23.6% Fib retracement level. Currently, Solana is trading below $185 and the 100-hourly simple moving average.
The bulls are actively defending the $180 support level and the 50% Fib retracement level, while the price is facing resistance near $185. A successful close above the $188 resistance could lead to another increase towards the $192 level and potentially the $200 mark. However, if SOL fails to rise above $185, it could start another decline with initial support near $180 and major support at $175. A break below $175 could signal a further drop towards $165 and potentially $155 in the near term.
Technical indicators are showing the MACD for SOL/USD gaining pace in the bearish zone and the RSI below the 50 level. Major support levels include $180 and $175, while major resistance levels are at $185 and $188.
In conclusion, Solana price faces challenges as it struggles to reach $200, with bulls fighting to maintain control amidst a potential downside correction. Traders should monitor key support and resistance levels to gauge the momentum of SOL in the coming days. As always, it is important to conduct thorough research and analysis before making any investment decisions in the volatile cryptocurrency market. Stay informed, stay cautious, and trade wisely.
