Solana Price Plummets: Will It Rise Again or Continue to Slump?

Bittime - The price of Solana (SOL) recently experienced a significant decline after failing to break through the resistance level around $225 (around IDR 3,645,000). Currently, SOL price is below $200 (approximately IDR 3,240,000) and showing some worrying bearish signs.

Will the price of Solana strengthen or weaken? How was the SOL analysis at the beginning of this year? Check out this SOL coin price analysis.

Solana (SOL) Price Drop

Solana had difficulty clearing the resistance zone between $220 to $225 (approximately IDR 3,570,000 to IDR 3,645,000), which caused a price drop similar to the movement of Bitcoin and Ethereum. 

After moving below the support levels of $212 (around IDR 3,438,400) and $205 (around IDR 3,321,000), the SOL price even fell below $200, reaching a low of $196.73 (around IDR 3,194,556). Currently, the price is consolidating losses below the 23.6% Fibonacci retracement level of the downside move from $223 peak to $196 low.

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SOL Still under $200?

Currently, Solana is trading below $200 and also below the 100 hourly simple moving average. There is also a bearish trend line forming with resistance at the level of $204 (around IDR 3,300,800) on the hourly chart of the SOL/USD pair. On the upside, the price faces resistance around the $204 level.

Solana (SOL) Potential Resistance and Support

The next major resistance is located around the $210 level (roughly Rp. 3,402,000), which is also the 50% Fibonacci retracement level of the downside move from the $223 peak to the $196 low. 

Source: TradingView/@Aayush Jindal

If the price manages to close above the $213 level (around IDR 3,453,600), this could pave the way for a more stable increase. The next key resistance is at $225 (around Rp. 3,645,000), and if there is a further increase, the price could head towards the $240 level (around Rp. 3,888,000).

Read too How to Buy Solana (SOL)

Will SOL Continue to Fall?

If SOL is unable to rise above the $205 resistance (around IDR 3,321,000), further declines are likely. Initial support on the downside is located around the $196 level (around Rp. 3,194,556), while the first major support is at the $188 level (around Rp. 3,049,600). 

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What Happens If Solana Drops Below $180?

If the price breaks below the $180 level (around Rp. 2,916,000), this could push the price towards the $175 zone (around Rp. 2,835,000). A close below the $175 support may lead to a further decline towards the $162 support (around IDR 2,622,400) in the near term.

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Technical Indicators

• Hourly MACD: The MACD for SOL/USD shows an increase in the bearish zone.

• Hourly RSI (Relative Strength Index): The RSI for SOL/USD is below the 50 level.

SOL Main Support Level

• $196 (around Rp. 3,194,556) and $188 (around Rp. 3,049,600).

Key Resistance Levels

• $205 (around IDR 3,321,000) and $210 (around IDR 3,402,000).

With uncertain market conditions and the price of Solana continuing to fluctuate, investors need to monitor these developments closely. Will SOL be able to bounce back or will it continue its decline? Only time will tell.

Latest SOL to IDR prices

SOL to IDR via Market Endtime

The image shows a Solana (SOL/IDR) price chart with daily data, where the price is currently at IDR 3,202,168 (approx. $197.65), experiencing a decline of 4.95% in the last 24 hours. 

The chart shows a Bollinger Bands pattern indicating volatility, with the price approaching the lower limit. 

The Stochastic RSI indicator is at the level of 80.67, approaching the overbought zone, while the MACD is showing a bearish signal with the MACD line below the signal line. 

Overall, this condition indicates the potential for further decline if the price is unable to penetrate the resistance level above.

Overall, this condition indicates the potential for further decline if the price is unable to penetrate the resistance level above.

FAQ

1. Why is the price of Solana (SOL) decreasing?

Solana's price experienced a decline because it failed to penetrate the resistance level at around $225 (around Rp. 3,645,000) and experienced a decline similar to the movement of Bitcoin and Ethereum. This decline was also caused by price movement below the $212 and $205 support levels, which caused the price to fall below $200 (around IDR 3,240,000).

2. What are the main support and resistance levels for Solana right now?

The main support levels for Solana currently lie at $196 (roughly IDR 3,194,556) and $188 (roughly IDR 3,049,600). Meanwhile, the main resistance levels are at $205 (around IDR 3,321,000) and $210 (around IDR 3,402,000). If the price manages to break this resistance level, there is a possibility of further increases.

3. What should investors pay attention to regarding Solana price movements going forward?

Investors need to monitor Solana price movements closely, especially whether the price can break through the resistance levels at $205 and $210. If SOL is unable to rise above this level, there is a possibility that a further decline will occur. Additionally, it is important to pay attention to technical indicators such as MACD and RSI to get a clearer picture of the upcoming price trend.

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Reference

Ayush Jindal, Solana (SOL) Falls Under $200: Temporary Setback or Trend Shift?, Accessed January 8, 2025

Author: IN