Solana gained bearish momentum and traded under $20 towards the US Dollar. SOL worth would possibly now battle to get well above the $20 and $21 resistance ranges.
- SOL worth is exhibiting bearish indicators under the $20.50 resistance towards the US Dollar.
- The worth is now buying and selling under $19.80 and the 100 easy shifting common (4 hours).
- There is a serious bearish development line forming with resistance close to $19.90 on the 4-hour chart of the SOL/USD pair (knowledge supply from Kraken).
- The pair might get well however upsides is perhaps restricted above $20.
Solana Price Extends Losses
This previous week, Solana’s worth began a contemporary decline from properly above $21. SOL gained bearish momentum and was capable of commerce under the $20.50 help.
The bears gained energy and pushed the worth under the $20 help. The worth is now exhibiting bearish indicators under $20, much like Bitcoin and Ethereum. A low is shaped close to $18.70 and the worth is now consolidating losses.
SOL is now buying and selling under $19.80 and the 100 easy shifting common (4 hours). There can also be a serious bearish development line forming with resistance close to $19.90 on the 4-hour chart of the SOL/USD pair. On the upside, quick resistance is close to the $19.80 stage and the development line.
The subsequent main resistance is close to the $20 zone or the 50% Fib retracement stage of the downward transfer from the $21.51 swing excessive to the $18.70 low. The foremost resistance is now forming close to the $20.50 stage and the 100 easy shifting common (4 hours).
Source: SOLUSD on TradingView.com
The 61.8% Fib retracement stage of the downward transfer from the $21.51 swing excessive to the $18.70 low can also be close to $20.50. An in depth above the $20.50 stage might resend the worth towards the $21.50 resistance zone. Any extra good points would possibly ship the worth towards the $22 stage.
More Losses in SOL?
If SOL fails to clear the $20.50 resistance, it might proceed to maneuver down. Initial help on the draw back is close to the $19.00 stage.
The first main help is close to the $18.80 stage, under which the bears would possibly achieve energy. In the acknowledged case, Solana worth might maybe decline towards the $18.20 help. The subsequent main help is close to the $17.50 stage.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining tempo within the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is under the 50 stage.
Major Support Levels – $18.80, and $18.20.
Major Resistance Levels – $20.00, $20.50, and $21.50.
