Solana (SOL) failed again to clear the $210 resistance. The price is moving lower and seems to be forming a double top pattern at $210.
Solana Price Approaches Key Support After Rejection
A few days ago, Solana made another attempt to settle above the $200 resistance zone. It climbed above $205, but the bears were again active. They prevented a break above the $210 resistance zone. A high was formed near $209.50 and the price reacted to the downside, like Bitcoin.
SOL declined below the $200 and $195 support levels. There was a clear move below the 50% Fib retracement level of the upward move from the $156 swing low to the $209 high. However, the bulls are still active near the $175 support zone and the 50-day simple moving average (blue).
Solana is now consolidating above $180 and the 50-day simple moving average (blue). However, the current price action is negative, and it seems like there is a double top pattern forming near the $210 mark.
If the bulls remain active above the $175 support, there could be a fresh upside. Immediate resistance on the upside sits near the $185 level. The first major resistance could be $190.
If there is a daily close above the $190 resistance, the price could drift toward the $200 level. The next key resistance could be $210, above which the bulls could aim for a test of $220. Any more gains might send the price toward the $232 level in the coming days.
Downside Break In SOL?
If Solana remains below $190, there could be more losses. Immediate support is near the $175 level, the 50-day simple moving average (blue), and the 61.8% Fib retracement level of the upward move from the $156 swing low to the $209 high.
A downside break and close below the trend line could start a major decline and confirm the double top pattern. The first major support below $175 could be $162. If the bulls fail to protect $162, there could be a drop toward the $156 low.
The next major area of interest for the bulls could be $144 since it is close to the 1.236 Fib extension level of the upward move from the $156 swing low to the $209 high. Any more losses could send SOL toward $125.
Overall, Solana price is consolidating above a major support at $175. To start a fresh increase, SOL price must settle above the $182 and $190 resistance levels. If not, the price could start another decline and retest $156.
