Solana gained bearish momentum and traded beneath $15 towards the US Greenback. 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 towards the US Greenback.
- The worth is now buying and selling beneath $15 and the 100 easy shifting common (4 hours).
- There’s a main 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 Value Drops 20%
Previously 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 help.
The bears gained energy and pushed the worth beneath the $15 help. The worth is now exhibiting bearish indicators beneath $15, much like Bitcoin and Ethereum. A low is fashioned close to $13.00 and the worth is now consolidating losses.
SOL is now buying and selling beneath $15 and the 100 easy shifting common (4 hours). There may be additionally a serious 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.
Supply: SOLUSD on TradingView.com
The principle 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 worth towards the $18.80 resistance zone. Any extra good points would possibly ship the worth towards the $20 degree.
Extra Losses in SOL?
If SOL fails to clear the $17.50 resistance, it might proceed to maneuver down. Preliminary help on the draw back is close to the $14.30 degree.
The primary main help is close to the $13.00 degree, beneath which the bears would possibly achieve energy. Within the acknowledged case, the worth might maybe decline towards the $12.00 help. The subsequent main help 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 Power Index) – The RSI for SOL/USD is beneath the 50 degree.
Main Help Ranges – $14.30, and $13.00.
Main Resistance Ranges – $15.25, $17.50, and $18.80.
