Solana (SOL) Falls Off a Cliff: Bulls, Grab Your Parachutes!

by

Well, folks, Solana just couldn’t hold it together. After flirting with $165 for a while, it decided to take a nosedive and is now hovering somewhere below that mark, possibly headed for the dreaded $150.

  • SOL took a plunge beneath $165 and $162 against the almighty US Dollar.
  • The price is comfortably lounging below $165, and the 100-hour moving average? Well, that’s just a distant memory now.
  • There’s a bearish trend line making its presence felt, lurking at $158, like an unwanted guest at a party (check the hourly chart, Kraken’s got the data).
  • If the bulls can summon the courage to defend $150 or $145, we might just see a tiny glimmer of hope. Otherwise, buckle up.

Solana Price Takes a Dive, And It’s Not Pretty

So, the price of Solana couldn’t stay above $180. Surprise, surprise! It started its inevitable decline, following in the footsteps of Bitcoin and Ethereum. First, it lost support at $175, then $165.

The bearish momentum took over, dragging the price below $160. It even dipped as low as $145 before attempting a brief recovery, nudging itself just above the 23.6% Fibonacci retracement of its downward slide from $188 to $145. How charming!

Now, Solana’s riding low below $160, far away from its once-glorious 100-hour moving average. The nearest obstacle? $158. It’s a key resistance point, along with a bearish trend line at the same level. Oh, the drama!

If the bulls can’t manage a spectacular comeback, the next major resistance might show up at $162. And if they really get lucky (spoiler: they won’t), there’s $166 and the 50% Fibonacci retracement to shoot for. If they actually manage to close above $166, we could see a bit of a rally. But let’s not hold our breath.

Is There More Pain for SOL?

If SOL can’t break through the $166 ceiling, it could just keep sinking. First stop? $155. And if that doesn’t hold, $150 is waiting with open arms.

Anything worse? Well, breaking through $150 might mean a full-on sprint towards $145. And should the price close below that? We’re looking at a potential fall to $132. Oh, the joy!

Technical Indicators

Hourly MACD – It’s picking up steam in the bearish zone, folks. Hold on tight!

Hourly RSI (Relative Strength Index) – Below 50, which is not a good look for SOL.

Major Support Levels – $155 and $150. Pray for those.

Major Resistance Levels – $162 and $166. Not exactly ‘easy street’ for bulls.

Read More

2025-11-05 09:19