Solana (SOL) recently saw a decline in its price, moving below the crucial $146 support level. The cryptocurrency is currently consolidating near $145 and the 100-hourly simple moving average.
A break below a key bullish trend line at $149 indicates potential bearish momentum. If Solana can maintain support above $140, it may start a fresh increase.
The price correction mirrors movements in other cryptocurrencies like Bitcoin and Ethereum. A further drop below $140 could push SOL toward $132. Conversely, resistance levels at $150 and $152 could facilitate upward movement, potentially driving the price back to $160 or even $172.
The technical indicators, including the hourly MACD and RSI, are showing signs of bearish activity, further suggesting potential downward pressure on SOL's price.
Overall, Solana's price dynamics are crucially dependent on maintaining key support levels and breaking certain resistances to enable potential price gains.
