TLDR
- Solana price declined sharply and fell below the $165 and $160 support levels.
- The price formed a new low near the $145 mark and is now consolidating losses.
- Resistance is forming near $158, which aligns with a key bearish trend line.
- The primary resistance zone is at $166, which could trigger a recovery if breached.
- Failure to clear $166 may lead to a fresh drop toward the $150 and $145 levels.
Solana price fell sharply, breaking key support levels and slipping below $165. It now trades near $150 after heavy selling. The coin is struggling to recover while facing strong resistance overhead.
Solana Price Faces Selling Pressure Below $165
Solana price dropped from the $180 level, following a similar pattern seen in Bitcoin and Ethereum. Sellers pushed SOL below the $175 and $165 zones, triggering a steep decline in trading activity.
The coin broke below $160 and lost pace, closing under the 100-hour simple moving average. It created a bearish pattern that continues to pressure the market sentiment.
A fresh low formed near $145 as buyers failed to defend previous support levels. The Solana price is now consolidating near this range, with limited signs of recovery.
Consolidation Struggles Below Key Resistance
Solana price bounced slightly but stayed below the 23.6% Fib retracement level from $188 to $145. Immediate resistance is located near $158, where a bearish trendline is also holding firm.
A close above $158 could lead to $162, the next hurdle for short-term recovery attempts. However, pressure continues as the primary resistance remains strong at the $166 mark.
That level aligns with the 50% Fib retracement of the recent fall. A move past it might allow another wave toward $175 and eventually $180. Still, Solana’s price remains below all critical resistance levels, making recovery uncertain. Failure to breach these zones could trigger renewed bearish pressure in the near future.
Downside Risks Grow Below $150 Support
The first significant support now lies near $150, where bulls may try to prevent further losses.
A break below this level could expose the $145 range to sellers again.
If the price falls under $145, the next support level stands around $132. That area may act as the final stop before a more profound decline emerges. Solana price may struggle if it fails to hold the $150 zone in the short term. No bullish reversal is confirmed as long as it stays under key moving averages.
Currently, the hourly chart shows bearish control with resistance near $158. The longer the price holds below $160, the risk of downside remains high. Solana price needs to clear $166 for bulls to regain short-term momentum. Otherwise, pressure may intensify, dragging the coin closer to the $132 level.
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