Solana is gaining bearish momentum beneath $20 towards the US Dollar. SOL value is struggling and might drop additional towards $16.50 and even $15.00.
- SOL value is exhibiting bearish indicators beneath $20.00 and $20.50 towards the US Dollar.
- The value is now buying and selling beneath $20 and the 100 easy transferring common (4 hours).
- There is a significant bearish pattern line forming with resistance close to $19.20 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
- The pair might proceed to down if there’s a shut beneath the $17.80 help.
Solana Price Drops Further
In the previous few days, Solana’s value made a few makes an attempt to clear the $22.00 resistance. However, SOL failed to realize power for a transfer above the $22.00 stage.
As a outcome, there was a recent bearish response beneath the $21.20 help, like Bitcoin and Ethereum. More importantly, FTX’s information of a potential promoting of SOL can also be placing quite a lot of strain on the bulls. The value gained bearish momentum and traded beneath the $20.00 help.
Finally, it discovered help close to $17.80. A low is shaped close to $17.78 and the worth is now consolidating losses. SOL is now buying and selling beneath $20 and the 100 easy transferring common (4 hours).
Besides, there’s a main bearish pattern line forming with resistance close to $19.20 on the 4-hour chart of the SOL/USD pair. On the upside, instant resistance is close to the $18.50 stage or the 23.6% Fib retracement stage of the downward transfer from the $20.59 swing excessive to the $17.78 low.
Source: SOLUSD on TradingView.com
The first main resistance is close to the $19.20 stage or the pattern line. The subsequent key resistance is close to the 76.4% Fib retracement stage of the downward transfer from the $20.59 swing excessive to the $17.78 low at $20.00. A transparent transfer above the $20.00 resistance may ship the worth towards the $21.20 resistance. Any extra features may ship the worth towards the $22 stage.
More Losses in SOL?
If SOL fails to clear the $19.20 resistance, it might proceed to maneuver down. Initial help on the draw back is close to the $17.80 stage.
The first main help is close to the $17.20 stage. If there’s a shut beneath the $17.20 help, the worth might decline towards the $16.50 help. In the acknowledged case, there’s a threat of extra downsides towards the $15.00 help within the close to time period.
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 beneath the 50 stage.
Major Support Levels – $17.80, and $17.20.
Major Resistance Levels – $19.20, $20.00, and $22.00.
