Future

Solana

Bitcoin

Resistance

Solana failed to climb above the $135 resistance. SOL price started another decline, dropping nearly 10%, and now the bears aim for more downsides. 
<ul> 
 <li>SOL price remained in a bearish zone below the $142 resistance against the US Dollar.</li> 
 <li>The price is now trading below $130 and the 100-hourly simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $130 on the hourly chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could extend losses if there is a close below the $122.50 support zone.</li> 
</ul> 
<h2 id="solana-price-takes-hit">Solana Price Takes Hit</h2> 
Solana price attempted a recovery wave above the $132 level. However, SOL bears defended upsides above the $135 level and the price started another decline like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-plunge-62700/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-trims-3385/" target="_blank" rel="noopener ">Ethereum</a>. 
There was a drop below the $130 and $125 support levels. A low was formed at $123.24 and the price is currently trading in a downtrend. There is also a connecting bearish trend line forming with resistance at $130 on the hourly chart of the SOL/USD pair. 
Solana is now trading below $130 and the 100-hourly simple moving average. If there is a recovery wave, the price might face resistance near the $126.50 level or the 23.6% Fib retracement level of the downward move from the $136.65 swing high to the $123.24 low. 
Immediate resistance is near the $128.50 level. The next major resistance is near the $130.00 level or the trend line. It is close to the 50% Fib retracement level of the downward move from the $136.65 swing high to the $123.24 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_d848b8.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-626063 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_d848b8.png?resize=1024%2C461" alt="Solana Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_d848b8.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_d848b8.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_d848b8.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_d848b8.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_d848b8.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_d848b8.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_d848b8.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A successful close above the $130.00 resistance could set the pace for another steady increase. The next key resistance is near $132.50. Any more gains might send the price toward the $136.50 level. 
<h2 id="more-losses-in-sol">More Losses in SOL?</h2> 
If SOL fails to recover above the $130.00 resistance, it could start another decline. Initial support on the downside is near the $123.50 level. 
The first major support is near the $122.00 level, below which the price could test $120.00. If there is a close below the $120.00 support, the price could decline toward the $112.50 support in the near term. 
Technical Indicators 
Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone. 
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 20 level. 
Major Support Levels – $122.00, and $120.00. 
Major Resistance Levels – $126.50, $130.00, and $132.50.

Solana (SOL) Dives Nearly 10%: Market Reactions and Future Outlook

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