Solana started a fresh decline below the $250 support. SOL price is consolidating and might face resistance near the $235 and $242 levels.

• SOL price started a fresh decline below the $250 and $240 levels against the US Dollar.
• The price is now trading below $240 and the 100-hourly simple moving average.
• There is a key bearish trend line forming with resistance at $235 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The pair could start a fresh increase if the bulls clear the $242 zone.

Solana Price Dips Below $250

Solana price struggled to clear the $260 resistance and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $250 and $242 support levels.

It even dived below the $230 level. The recent low was formed at $225 and the price is now consolidating losses. It climbed a few points above the $230 level. It cleared the 23.6% Fib retracement level of the downward move from the $244 swing high to the $225 low.

Solana is now trading below $240 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $235 level or the 50% Fib retracement level of the downward move from the $244 swing high to the $225 low.

There is also a key bearish trend line forming with resistance at $235 on the hourly chart of the SOL/USD pair. The next major resistance is near the $242 level. The main resistance could be $250. A successful close above the $250 resistance zone could set the pace for another steady increase. The next key resistance is $260. Any more gains might send the price toward the $275 level.

Another Decline in SOL?

If SOL fails to rise above the $235 resistance, it could start another decline. Initial support on the downside is near the $225 zone. The first major support is near the $222 level.

A break below the $222 level might send the price toward the $212 zone. If there is a close below the $212 support, the price could decline toward the $200 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.

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

Major Support Levels – $225 and $222.

Major Resistance Levels – $235 and $242.

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PENGU price has plunged nearly 26% in the last 24 hours, reaching its lowest levels ever. Once the biggest meme coin on Solana, it has now been overtaken by TRUMP, BONK, and DOGWIFHAT.

Technical indicators, including the Ichimoku Cloud and DMI, suggest that bearish momentum is still growing, increasing the risk of further declines. Unless a strong reversal occurs, PENGU could continue setting new lows in the short term.

PENGU Ichimoku Cloud Shows a Bearish Setup

The Ichimoku Cloud chart for PENGU shows a clear bearish trend. The price is trading below both the conversion line (blue) and the base line (red), indicating short-term and medium-term weakness.

The cloud (Kumo) is red and sloping downward, reinforcing the bearish sentiment. Additionally, the lagging span (green) is positioned below the price, confirming that bearish momentum has been dominant.

With the price consistently staying below the cloud, there are no immediate signs of a trend reversal. The widening gap between the conversion and base lines suggests increasing bearish momentum.

For a trend shift, the PENGU price would need to reclaim the conversion line and eventually move into or above the cloud. Still, for now, the Ichimoku indicators continue to show strong downside pressure.

PENGU DMI Signals Strengthening Downtrend

PENGU’s DMI chart shows that its ADX has risen to 20.16 from 14.6 in just one day, indicating that the strength of the current trend is increasing.

The ADX measures trend strength, with values below 20 suggesting weak or indecisive trends, while values above 25 indicate stronger trends. The recent increase suggests that PENGU current trend is gaining momentum, though it is not yet fully established.

Meanwhile, the +DI has dropped sharply from 31.4 to 15.49, signaling a decline in bullish pressure, while the -DI has surged from 16.8 to 37.42, showing strong selling dominance.

This shift confirms that PENGU price is in a downtrend, with bearish momentum increasing. With the ADX strengthening, the downtrend could persist unless buying pressure returns to counter the selling dominance.

PENGU Price Prediction: Will It Continue Testing New Lows?

PENGU, which has a market cap of $1.08 billion, is currently trading at its lowest levels ever, falling below $0.018 for the first time. Once the largest meme coin on Solana, it was surpassed by TRUMP, BONK, and DOGWIFHAT.

Given the bearish signals from both the Ichimoku Cloud and DMI indicators, the likelihood of PENGU dropping below $0.017 appears high. The price remains well below the cloud, while the ADX has risen, confirming that the downtrend is strengthening. The -DI dominance further supports continued downside pressure.

However, if momentum shifts and PENGU price can reclaim key levels, a trend reversal could lead to a test of the resistance at $0.022, with further upside potential if buying pressure strengthens.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break.

• Bitcoin started a decent upward move above the $100,000 zone.
• The price is trading below $103,200 and the 100 hourly Simple moving average.
• There is a key bearish trend line forming with resistance at $102,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another decline if it stays below the $103,000 zone.

Bitcoin Price Holds Support

Bitcoin price started a fresh decline below the $103,000 and $102,500 levels. BTC even dipped below the $100,000 level before the bulls appeared. A low was formed at $97,688 and the price is now correcting losses.

There was a move above the $99,800 and $100,500 levels. The bulls pushed the price above the 50% Fib retracement level of the downward wave from the $107,080 swing high to the $97,688 low. However, the bears are active near the $103,000 zone.

There is also a key bearish trend line forming with resistance at $102,800 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $103,200 and the 100 hourly Simple moving average.

On the upside, immediate resistance is near the $102,500 level. The first key resistance is near the $103,000 level. The next key resistance could be $103,500 and the 61.8% Fib retracement level of the downward wave from the $107,080 swing high to the $97,688 low.

A close above the $103,500 resistance might send the price further higher. In the stated case, the price could rise and test the $105,000 resistance level. Any more gains might send the price toward the $107,000 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $103,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $101,200 level. The first major support is near the $100,500 level.

The next support is now near the $100,000 zone. Any more losses might send the price toward the $88,800 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $101,200, followed by $100,500.

Major Resistance Levels – $102,500 and $103,000.

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