Solana's price recently dropped below the $175 support zone, trading close to the $165 support level. This followed a struggle near the $185 area against the US Dollar, causing a decline.
The price is currently beneath $172 and the 100-hourly simple moving average. A bearish trend line shows resistance at $172 on the SOL/USD pair hourly chart.
If Solana maintains the $165 and $162 support levels, it may experience a steady upward movement and break above the $175 resistance.
If SOL price fails to rise above $170, a further decline is possible, potentially pushing the price below $162 towards the $150 or $135 range.
Technical indicators suggest a bearish pressure, with MACD in a bearish zone and RSI below 50. Strong support and resistance levels are $165, $162, $170, and $172, respectively.
