Solana Drops 10% Below $170 as Bearish Trend Continues

Solana (SOL) has recently experienced a renewed selling pressure, leading to a decline from the $180 resistance zone. The cryptocurrency is now trading below $170 and the 100-hourly simple moving average, indicating a bearish trend. A connecting bearish trend line is forming with resistance at $170 on the hourly chart of the SOL/USD pair, suggesting that the price could continue to decline if it fails to break above this level.

Solana's price failed to sustain its upward momentum above the $180 level and has since started a fresh decline. Unlike Bitcoin and Ethereum, SOL has gained pace and traded below the $170 support level, even dipping below $162. A low was formed near $160, and the price has since started a recovery wave, moving above the $165 level. However, the price is still facing resistance near the $169 level and the trend line, which is close to the 50% Fib retracement level of the recent decline from the $180 swing high to the $160 low. The next major resistance is near the $172 level, with the main resistance at $180. A successful close above the $180 resistance zone could set the pace for another steady increase, with the next key resistance at $185 and potential gains toward the $200 level.

If SOL fails to rise above the $170 resistance, it could start another decline. Initial support on the downside is near the $162 zone, with the first major support near the $160 level. A break below the $160 level might send the price toward the $155 zone, and if there is a close below the $155 support, the price could decline toward the $142 support in the near term. Technical indicators such as the hourly MACD and RSI for SOL/USD are also showing bearish signs, with the MACD gaining pace in the bearish zone and the RSI below the 50 level. Major support levels are at $162 and $160, while major resistance levels are at $170 and $172.