{"id":2996,"date":"2025-02-18T05:11:05","date_gmt":"2025-02-18T05:11:05","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/solana-sol-dips-into-the-red-healthy-correction-or-trend-reversal\/"},"modified":"2025-02-18T05:11:05","modified_gmt":"2025-02-18T05:11:05","slug":"solana-sol-dips-into-the-red-healthy-correction-or-trend-reversal","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/solana-sol-dips-into-the-red-healthy-correction-or-trend-reversal\/","title":{"rendered":"Solana (SOL) Dips Into the Red \u2013 Healthy Correction or Trend Reversal?"},"content":{"rendered":"<p><em>Solana started a fresh decline from the $200 zone. SOL price is down over 10% and might even struggle to stay above the $175 support zone.<\/em><\/p>\n<ul>\n<li>SOL price started a fresh decline below the $200 and $185 levels against the US Dollar.<\/li>\n<li>The price is now trading below $185 and the 100-hourly simple moving average.<\/li>\n<li>There is a connecting bearish trend line forming with resistance at $182 on the hourly chart of the SOL\/USD pair (data source from Kraken).<\/li>\n<li>The pair could start a fresh increase if the bulls clear the $185 zone.<\/li>\n<\/ul>\n<h2>Solana Price Dips Further<\/h2>\n<p>Solana price struggled to clear the $205 resistance and started a fresh decline, underperforming Bitcoin and Ethereum. SOL declined below the $200 and $192 support levels.<\/p>\n<p>It even dived below the $185 level. The recent low was formed at $174 and the price is now consolidating losses with a bearish angle below the 23.6% Fib retracement level of the downward move from the $205 swing high to the $174 swing low.<\/p>\n<p>Solana is now trading below $185 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $182 level. There is also a connecting bearish trend line forming with resistance at $182 on the hourly chart of the SOL\/USD pair.<\/p>\n<p>The next major resistance is near the $185 level. The main resistance could be $190 and the 50% Fib retracement level of the downward move from the $205 swing high to the $174 swing low.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" class=\"size-full wp-image-698395\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2025\/02\/Solana_331e4b.png?resize=1024%2C478\" alt=\"Solana Price\" width=\"1024\" height=\"478\" loading=\"lazy\" \/><\/p>\n<p>A successful close above the $190 resistance zone could set the pace for another steady increase. The next key resistance is $198. Any more gains might send the price toward the $205 level.<\/p>\n<h2>Another Decline in SOL?<\/h2>\n<p>If SOL fails to rise above the $185 resistance, it could start another decline. Initial support on the downside is near the $174 zone. The first major support is near the $170 level.<\/p>\n<p>A break below the $170 level might send the price toward the $165 zone. If there is a close below the $165 support, the price could decline toward the $150 support in the near term.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD \u2013 The MACD for SOL\/USD is gaining pace in the bearish zone.<\/p>\n<p>Hourly Hours RSI (Relative Strength Index) \u2013 The RSI for SOL\/USD is below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $174 and $170.<\/p>\n<p>Major Resistance Levels \u2013 $182 and $185.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana started a fresh decline from the $200 zone. SOL price is down over 10% and might even struggle to stay above the $175 support zone. SOL price started a fresh decline below the $200 and $185 levels against the US Dollar. The price is now trading below $185 and the 100-hourly simple moving average.&hellip;<\/p>\n","protected":false},"author":1,"featured_media":2997,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[62],"tags":[174,121,251,177,129,76],"class_list":["post-2996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technical-analysis","tag-sol","tag-solana","tag-solbtc","tag-solusd","tag-solusdt","tag-technical-analysis"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/2996","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=2996"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/2996\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/2997"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=2996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=2996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=2996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}