Solana is gaining bearish momentum beneath $20 towards the US Greenback. SOL value is struggling and will drop additional towards $16.50 and even $15.00.
- SOL value is displaying bearish indicators beneath $20.00 and $20.50 towards the US Greenback.
- The worth is now buying and selling beneath $20 and the 100 easy shifting common (4 hours).
- There’s a main 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 may proceed to down if there’s a shut beneath the $17.80 help.
Solana Value Drops Additional
Prior to now few days, Solana’s value made a few makes an attempt to clear the $22.00 resistance. Nonetheless, SOL failed to achieve power for a transfer above the $22.00 degree.
Consequently, there was a recent bearish response beneath the $21.20 help, like Bitcoin and Ethereum. Extra importantly, FTX’s information of a potential promoting of SOL can be placing numerous strain on the bulls. The worth gained bearish momentum and traded beneath the $20.00 help.
Lastly, 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 shifting common (4 hours).
Apart from, 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, speedy resistance is close to the $18.50 degree or the 23.6% Fib retracement degree of the downward transfer from the $20.59 swing excessive to the $17.78 low.
Supply: SOLUSD on TradingView.com
The primary main resistance is close to the $19.20 degree or the pattern line. The subsequent key resistance is close to the 76.4% Fib retracement degree 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 would possibly ship the worth towards the $21.20 resistance. Any extra good points would possibly ship the worth towards the $22 degree.
Extra Losses in SOL?
If SOL fails to clear the $19.20 resistance, it may proceed to maneuver down. Preliminary help on the draw back is close to the $17.80 degree.
The primary main help is close to the $17.20 degree. If there’s a shut beneath the $17.20 help, the worth may decline towards the $16.50 help. Within the said case, there’s a danger 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 Power Index) – The RSI for SOL/USD is beneath the 50 degree.
Main Assist Ranges – $17.80, and $17.20.
Main Resistance Ranges – $19.20, $20.00, and $22.00.
