Solana (SOL) Back On The Defensive—Can Bulls Prevent Another Drop?

Solana failed to stay above 67 and corrected some gains. SOL price is moving lower and might aim for another increase if it stays above 63.00. SOL price started a downside correction below 66 against the US Dollar. The price is now trading below 65 and the 100-hourly simple moving average. There was a break below a bullish trend line with support at 66 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could extend losses if it dips below the 63 zone. Solana Price Dips Again Solana price failed to stay above 67 and started a downside correction, like Bitcoin and Ethereum. SOL dipped below 66 and 65 to enter a short-term bearish zone. There was a move below the 50 Fib retracement level of the upward wave from the 60.12 swing low to the 67.90 high. There was a break below a bullish trend line with support at 66 on the hourly chart of the SOL/USD pair. The price even tested the 63.20 support. Solana is now trading below 65 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the 65 level. The next major resistance is near the 66 level. The main resistance could be 67.20. A successful close above the 67.20 resistance zone could set the pace for another steady increase. The next key resistance is 68. Any more gains might send the price toward the 70 level. Downside Break In SOL? If SOL fails to rise above the 66 resistance, it could start another decline. Initial support on the downside is near the 63.10 zone and the 61.8 Fib retracement level of the upward wave from the 60.12 swing low to the 67.90 high. The first major support is near the 62.20 level. A break below the 62.20 level might send the price toward the 60 support zone. If there is a close below the 60 support, the price could decline toward the 55 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – 63.10 and 62.50. Major Resistance Levels – 65.00 and 67.20.