Solana cryptocurrency plummets to $ 131 in a flash

The Solana cryptocurrency (SOL) continues to decline, underperforming Bitcoin and Ethereum. After an unsuccessful attempt to overcome the $ 185 resistance level, the price of SOL began a new decline, falling below important support levels of $ 162 and $ 150.

The decline turned out to be quite significant — the rate even broke through the $ 135 mark. Recently, a low was recorded at $ 131, after which the price began to consolidate with a negative bias. There was a minor wave of recovery above the 23.6% Fibonacci retracement level from the downward movement (from a high of $ 173 to a low of $ 131).

At the time of writing, Solana is trading below $ 145 and below the 100-hour simple moving average. A downward trend line is forming on the SOL/USD chart with resistance at $ 144. The next major resistance level is at $ 150, and the main resistance may be formed at $ 152, which corresponds to the 50% Fibonacci retracement of the aforementioned downward movement.

A successful close above the $ 152 resistance zone could pave the way for a new steady rise. The next key resistance level is located at $ 160, and further growth could lead the price to $ 165.

If SOL fails to rise above the $ 145 resistance, it could continue to decline. The first support is near the $ 141 area, and the first major support is near the $ 136 level. A break below $ 136 could send the price to the $ 131 zone. If it closes below the $ 125 support, the price could drop to the $ 120 level in the short term.