Solana Drops 7% as Bearish Trend Persists Below $160

Generated by AI AgentCoin World
Sunday, Jun 1, 2025 11:55 pm ET1min read
SOL
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Solana (SOL) has recently experienced a decline, starting from the $172 resistance zone. The price of

SOL
is currently trading below $162 and the 100-hourly simple moving average, indicating a bearish trend. A key bearish trend line is forming with resistance at $160 on the hourly chart of the SOL/USD pair. This trend line suggests that SOL may face significant resistance at this level, potentially hindering any upward movement.

Solana's price failed to sustain its upward momentum above the $172 level and has since started a fresh decline, similar to the trends observed in Bitcoin and Ethereum. The price has traded below the $160 support level and even dipped below $155. A low was formed near $150, and the price has since started a recovery wave, moving above the $155 level. This recovery has surpassed the 23.6% Fib retracement level of the recent decline from the $180 swing high to the $150 low.

Currently, Solana is trading below $160 and the 100-hourly simple moving average. The price faces resistance near the $160 level and the trend line. The next major resistance is near the $165 level, which is close to the 50% Fib retracement level of the recent decline from the $180 swing high to the $150 low. The main resistance could be $170. A successful close above the $170 resistance zone could set the pace for another steady increase, with the next key resistance at $172. Any further gains might send the price toward the $180 level.

If SOL fails to rise above the $160 resistance, it could start another decline. Initial support on the downside is near the $155 zone. The first major support is near the $152 level. A break below the $152 level might send the price toward the $145 zone. If there is a close below the $145 support, the price could decline toward the $132 support in the near term.

Technical indicators suggest a bearish outlook for SOL. The MACD for SOL/USD is gaining pace in the bearish zone, and the RSI for SOL/USD is below the 50 level. Major support levels are at $155 and $152, while major resistance levels are at $160 and $162. These indicators suggest that SOL may continue to face downward pressure in the near term, with potential support levels at $155 and $152, and resistance levels at $160 and $162.