Solana Plummets Below $150 Mark Amid Bearish Sentiment

Solana (SOL), a prominent cryptocurrency, has recently experienced a significant decline, falling below the $150 mark. This downturn has been marked by a series of key support levels being breached, including $165 and $150. The price of SOL reached a recent low of $132 before showing some signs of recovery, climbing back above the $140 mark to reach $142. This recovery represented the 23.6% Fibonacci retracement level of the downward move from the $180 high to the $132 low.

However, the recovery was short-lived as selling pressure resumed near the $152 price level, pushing SOL’s price lower once more. A technical breakdown occurred when the price fell below a short-term rising channel that had support at the $144 level on hourly charts. Currently, Solana trades below the $145 price mark and the 100-hourly simple moving average, indicating continued bearish sentiment in the market.

Looking ahead, SOL faces immediate resistance near $145, with more significant hurdles at $148 and $155. The $155 level coincides with the 50% Fibonacci retracement level of the recent downward move. If SOL manages to break above the $155 resistance zone with a successful close, it could set the stage for a steadier increase, with the next key resistance found at $162. Further gains beyond this level could potentially send the price toward the $175 mark.

On the downside, if SOL fails to climb above the $148 resistance level, another decline may be in store. The initial support to watch would be near the $136 zone, with the first major support level sitting at the recent low of $132. Breaking below the $132 support could trigger more selling, potentially declining toward the $125 support zone. A close below this level would be concerning for bulls, as it could open the door for a move toward the $120 support in the near term.

Technical indicators provide mixed signals at present. The hourly MACD (Moving Average Convergence Divergence) indicator for SOL/USD is losing momentum in the bearish zone. Meanwhile, the hourly RSI (Relative Strength Index