Solana (SOL) Nosedives to $150, Can Bulls Prevent Further Collapse?

Solana's price experienced a fresh decline, falling below the $165 mark against the US Dollar. It is currently trading under $165 and the 100-hourly simple moving average. A bearish trend line is forming with resistance around $158 on the hourly chart. The price is consolidating losses after reaching a low of $145. Immediate resistance lies near $158, with a more significant barrier at $166. Failure to overcome $166 resistance could lead to further downward movement. Key support levels are identified at $155 and $150, with a potential drop to $145. A break below $145 could trigger a decline towards $132 in the short term. Technical indicators suggest a bearish momentum with the MACD in the bearish zone and RSI below 50. A successful break above $166 could lead to a recovery toward $175 and potentially $180.