Solana (SOL) is at a critical juncture as it experiences a fresh decline from the $220 zone, struggling to clear major resistance levels at $215 and $220. The SOL/USD pair appears to be forming a bullish flag, indicating a potential for a breakout. However, the price remains below the 100-hourly simple moving average.
Solana's recent struggles mirror patterns seen in Bitcoin and Ethereum, with SOL declining from highs near $250 to lows around $175. While the price has bounced back to test $220, it has failed to achieve a sustainable upward movement. A close above the $220 resistance may set the stage for further gains.
If SOL fails to rise above $215, it could face further declines, with key support levels at $202 and $198. Additional declines below these levels might push the price towards $175.
Technical analysis indicates a bearish outlook, with the MACD losing pace in the bullish zone and the RSI sitting below 50, highlighting the current market challenges Solana faces.