Solana Plunges 20%: Can Bulls Reclaim $150?

Solana (SOL) has experienced a significant decline, dropping by over 20% and testing key support levels. The price of SOL has started a fresh decline from the $180 zone, with the current price trading below $150 and the 100-hourly simple moving average. A break below a connecting bullish trend line with support at $148 on the hourly chart of the SOL/USD pair has been observed. The pair could potentially start a fresh increase if the bulls manage to clear the $150 zone.

Solana price struggled to clear the $180 resistance and started a fresh decline, similar to Bitcoin and Ethereum. SOL declined below the $165 and $155 support levels, even diving below the $150 level. There was a break below a connecting bullish trend line with support at $148 on the hourly chart of the SOL/USD pair. The recent low was formed at $132, and the price is now consolidating losses with a bearish angle. Solana is now trading below $140 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $140 level. The next major resistance is near the $144 level or the 23.6% Fib retracement level of the downward move from the $180 swing high to the $132 swing low.

The main resistance could be $156 and the 50% Fib retracement level of the downward move from the $180 swing high to the $132 swing low. A successful close above the $156 resistance zone could set the pace for another steady increase. The next key resistance is $165. Any more gains might send the price toward the $180 level.

If SOL fails to rise above the $148 resistance, it could start another decline. Initial support on the downside is near the $132 zone. The first major support is near the $125 level. A break below the $125 level might send the price toward the $120 zone. If there is a close below the $120 support, the price could decline toward the $102 support in the near term.

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