Solana's Price Plummets: Can SOL Recover Above $150?

Solana (SOL) has been experiencing a significant downturn in recent days, with its price falling by over 15% and struggling to recover above the $150 resistance level. The decline began after SOL failed to break through the $185 resistance and started a fresh decline, underperforming both Bitcoin and Ethereum.

The price of SOL has since dipped below the $162 and $150 support levels, even reaching as low as $131. Although there has been a minor recovery wave, the price is still trading below $145 and the 100-hourly simple moving average. A bearish trend line has formed with resistance at $144 on the hourly chart of the SOL/USD pair.

Analysts suggest that a successful close above the $152 resistance zone could set the stage for another steady increase, with the next key resistance levels at $160 and $165. However, if SOL fails to rise above the $145 resistance, it could start another decline, with initial support near the $141 zone and major support at the $136 level.

Technical indicators, such as the hourly MACD and RSI, suggest a bearish trend for SOL/USD. The MACD is losing pace in the bearish zone, and the RSI is below the 50 level. Major support levels are at $136 and $131, while major resistance levels are at $145 and $152.