Is Solana’s Price Set for Another Major Drop or Will It Rebound Soon?

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Solana (<a href="https://usdaed.com/sol-usd/">SOL</a>) Continues to Fall — Is a Reversal in Sight?

Solana has begun a new drop, originating from around the $172 region. At present, its value seems to be heading downwards, potentially dipping below the $155 mark.

  • SOL price started a fresh decline from the $172 resistance zone against the US Dollar.
  • The price is now trading below $162 and the 100-hourly simple moving average.
  • There is a key bearish trend line forming with resistance at $160 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could start a fresh increase if it clears the $160 resistance zone.

Solana Price Dips Again

The price of Solana struggled to move beyond the $172 mark and instead dropped, similar to Bitcoin and Ethereum. After a strong run, Solana’s value dipped below its previous support at $160.

The cost dipped below the $155 mark, reaching a low point around $150. However, it has since begun an upward trend. It has climbed above the $155 level and exceeded the 23.6% Fibonacci retracement line of the recent drop from the peak at $180 down to $150.

Currently, Solana’s price is under $160 and it’s below its 100-hour moving average. Additionally, a significant downward trendline is emerging on the hourly SOL/USD chart, with resistance at $160.

On a positive note, the price is encountering resistance around the $160 mark, which includes the trend line. The next significant resistance lies near the $165 level. This level is also close to the 50% Fibonacci retracement level from the recent drop, which started at the $180 peak and ended at the $150 trough.

If we manage to surpass the significant barrier at approximately $170, this breakthrough could pave the way for a continuous upward trend. Once beyond $170, the next notable hurdle is at $172. Should prices keep rising, they may eventually reach the $180 mark.

Another Decline in SOL?

If Solidity (SOL) doesn’t manage to break through the $160 barrier, it might initiate a new drop. A potential initial floor can be found in the $155 region. The primary significant support lies around the $152 mark.

Dropping below $152 could push the price down towards the $145 region. If we see a closing price under $145 (which acts as support), there’s a possibility of a short-term drop towards the $132 support level.

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 50 level.

Major Support Levels – $155 and $152.

Major Resistance Levels – $160 and $162.

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2025-06-02 07:14