Solana Drops 10% From $160 Resistance Zone

Solana (SOL) has recently experienced a notable price decline, testing key support levels and raising questions about its future trajectory. The cryptocurrency's price dropped from the $160 resistance zone, currently consolidating losses and potentially declining further below the $145 level. This movement has triggered concerns among investors about whether the dip is a temporary pullback or the beginning of a more substantial breakdown.

The recent price action has seen SOL revisit a historically strong support zone, which has historically acted as a floor for the cryptocurrency. The price is now trading below $155 and the 100-hourly simple moving average, with a break below a bullish trend line with support at $150 on the hourly chart of the SOL/USD pair. The pair even traded below the $148 level, forming a low near $145 and recently starting a consolidation phase. It tested the 23.6% Fib retracement level of the recent decline from the $158 swing high to the $145 low.

Solana's price has shown resilience, staging a notable rebound ahead of June 17, 2025, climbing toward the $157 zone after dipping below $144 earlier in the week. This recovery suggests that there is still significant interest and support for the cryptocurrency, despite the recent volatility. The price has dipped slightly to $153.14 after hitting a recent high of $158.80, indicating that the market is still in a state of flux.

The current support and resistance levels are crucial for determining the next move for Solana. After a retest of support around $142, SOL is now testing previous support as resistance around $152. A strong break above this level could signal a bullish reversal, while a failure to hold above $152 could indicate further downside risk. On the upside, the price is facing resistance near the $150 level. The next major resistance is near the $152 level. It is close to the 50% Fib retracement level of the recent decline from the $158 swing high to the $145 low. The main resistance could be $155. A successful close above the $155 resistance zone could set the pace for another steady increase. The next key resistance is $160. Any more gains might send the price toward the $165 level.

If SOL fails to rise above the $152 resistance, it could start another decline. Initial support on the downside is near the $145 zone. The first major support is near the $142 level. A break below the $142 level might send the price toward the $130 zone. If there is a close below the $130 support, the price could decline toward the $125 support in the near term.

Technical indicators suggest that the MACD for SOL/USD is gaining pace in the bearish zone, while the RSI for SOL/USD is below the 50 level. Major support levels are at $145 and $142, with major resistance levels at $152 and $155. Investors are advised to closely monitor these levels and the overall market sentiment to make informed decisions.