Solana gained bearish momentum and traded beneath $15 in opposition to the US Dollar. SOL value would possibly now battle to get better above the $15 and $17.50 resistance ranges.
- SOL value is exhibiting bearish indicators beneath the $20 resistance in opposition to the US Dollar.
- The value is now buying and selling beneath $15 and the 100 easy transferring common (4 hours).
- There is a significant bearish pattern line forming with resistance close to $15.25 on the 4-hour chart of the SOL/USD pair (knowledge supply from Kraken).
- The pair might get better however upsides is perhaps restricted above $17.50.
Solana Price Drops 20%
In the previous few days, Solana’s value began a contemporary decline from nicely above $20. SOL gained bearish momentum and was capable of commerce beneath the $17.50 assist.
The bears gained power and pushed the value beneath the $15 assist. The value is now exhibiting bearish indicators beneath $15, just like Bitcoin and Ethereum. A low is fashioned close to $13.00 and the value is now consolidating losses.
SOL is now buying and selling beneath $15 and the 100 easy transferring common (4 hours). There can also be a significant bearish pattern line forming with resistance close to $15.25 on the 4-hour chart of the SOL/USD pair. On the upside, speedy resistance is close to the $15 degree and the pattern line.
The pattern line is near the 23.6% Fib retracement degree of the downward transfer from the $22.32 swing excessive to the $13.00 low. The subsequent main resistance is close to the $16 zone.
Source: SOLUSD on TradingView.com
The essential resistance is now forming close to the $17.50 degree or the 50% Fib retracement degree of the downward transfer from the $22.32 swing excessive to the $13.00 low. An in depth above the $17.50 degree might resend the value towards the $18.80 resistance zone. Any extra good points would possibly ship the value towards the $20 degree.
More Losses in SOL?
If SOL fails to clear the $17.50 resistance, it might proceed to maneuver down. Initial assist on the draw back is close to the $14.30 degree.
The first main assist is close to the $13.00 degree, beneath which the bears would possibly acquire power. In the said case, the value could maybe decline towards the $12.00 assist. The subsequent main assist is close to the $10.50 degree.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is shedding tempo within the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is beneath the 50 degree.
Major Support Levels – $14.30, and $13.00.
Major Resistance Levels – $15.25, $17.50, and $18.80.
