Solana (SOL) is showing bearish signs from the $210 resistance. The price could fall by one other 10% and possibly reach the $165 support again.
Solana Price Signals Bearish BreakdownAnother SOL Rise?
Solana price signals a bearish breakdown
Earlier this month, Solana didn’t break above $240 and commenced a pointy decline. On the day by day chart, there was a transparent move below a significant contracting triangle with support at $200. It fell below $180 before seeing bids near $165. A low was formed at $164 and the value began an honest recovery wave above $172, like Bitcoin.
The bulls managed to push SOL price above the $180 and $185 resistance levels. Finally, the value rose above $200 and the important thing 50% Fib retracement level fell from the swing high of $237 to the low of $164. However, the bears remained energetic near $208-$210.
Solana price day by day chart | Source: SOL/USD on TradingView.com
Solana is moving lower after facing rejection near the 61.8% Fib retracement level of the important thing decline from the swing high $237 to the low $164. It is well below $200 and the 50-day easy moving average (blue).
The current price motion suggests that the value is struggling to remain above $188-185. If the bears remain energetic, further losses could occur. The immediate support is near the $182 level. The next major support is at $172. A break below and an in depth below $172 could trigger bearish moves.
In the mentioned case, SOL price could fall towards $165. If the bulls fail to guard the $165 level, there might be a decline towards the $150 zone. Further losses could push Solana towards $142 within the medium term.
Another rise in SOL?
If Solana stays stable above $182 or $172, a fresh increase could occur. The immediate upside resistance is near the $198 level. The first vital barrier is at $200.
A detailed above $200 could speed up gains. In the mentioned case, the value could drift towards the $208 mark. If there may be a transparent move above the $208 resistance, the value could rise and test $215 and the 50-day easy moving average (blue). A day by day close above the 50-day easy moving average (blue) could open the door for a brand new uptrend. The next key resistance might be at $220, above which the bulls could aim for a test of $240.
Overall, Solana price is showing bearish signs below $200 and $208. To initiate a fresh increase, SOL price needs to stay stable above $182 and $172. If not, the value could fall sharply towards $150 after which $142.
