Solana cryptocurrency drops to $ 179

The price of Solana SOL $178.68 Binance-Peg SOL -2.97% Market capitalization $0.2 billion VOL. 24 hours $0.54 billion failed to gain a foothold above $ 210 and moved back into the downward zone. After falling below $ 200 and $ 188, the asset came under pressure from sellers, losing its short-term positive momentum. SOL is currently trading below $ 180 and the 100-hour simple moving average.

A downtrend line is forming on the chart of the SOL/USD pair (Kraken data) with resistance near $ 188. An additional negative signal was the breakout of the 76.4% Fibonacci level from the $ 173-$ 209 movement, which indicates a weakening of buyers. The MACD is strengthening in the bearish zone, and the RSI has dropped below 50.

The nearest resistance level is at $ 182, then $ 184. The main breakout zone is $ 188: if SOL successfully consolidates above it, it could resume its move to $ 192 and even $ 200.

However, if growth stops below $ 182, the pressure from sellers may increase. The price has initial support at $ 175, and the key support is at $ 172.

A consolidation below $ 172 will open the way to $ 162, and in the event of a deeper correction, the market could test the $ 150 level. Thus, the next few hours and days remain crucial for Solana: a breakout above $ 188 could reverse the trend, while a drop below $ 172 would only deepen the decline.