Solana (SOL) recently saw a decline below the $146 support level and is currently consolidating. However, unless there is a break below $140, the cryptocurrency may aim for a fresh increase.
Initially, SOL price climbed above $145 and $146 levels but faced resistance at $152. This led to a downward correction similar to Bitcoin and Ethereum. The price dropped below the $150 and $146 support levels, and a key bullish trend line with support at $149 was also broken.
Currently, SOL is trading near $145 and the 100-hourly simple moving average. The bulls are showing activity above the $142 support level and the 50% Fibonacci retracement level of the upward move. On the upside, there is resistance near $146.50, followed by major resistance at $150 and $152.
If the price fails to rise above the $146.50 resistance, it may experience another decline. The initial support on the downside is near $142, with the first major support at $140. A break below $140 could send the price towards the $132 zone. Further support lies at $120.
In terms of technical indicators, the MACD for SOL/USD is gaining pace in the bearish zone, and the RSI is below the 50 level.
Key support and resistance levels for SOL are $140, $142, $150, and $152.