Solana gained bearish momentum and traded beneath $20 in opposition to the US Dollar. SOL worth may now battle to recuperate above the $20 and $21 resistance ranges.
- SOL worth is exhibiting bearish indicators beneath the $20.50 resistance in opposition to the US Dollar.
- The worth is now buying and selling beneath $19.80 and the 100 easy transferring 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 may recuperate however upsides is perhaps restricted above $20.
Solana Price Extends Losses
This previous week, Solana’s worth began a recent decline from nicely above $21. SOL gained bearish momentum and was ready to commerce beneath the $20.50 assist.
The bears gained energy and pushed the value beneath the $20 assist. The worth is now exhibiting bearish indicators beneath $20, comparable to Bitcoin and Ethereum. A low is fashioned close to $18.70 and the value is now consolidating losses.
SOL is now buying and selling beneath $19.80 and the 100 easy transferring common (4 hours). There is additionally 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, rapid resistance is close to the $19.80 degree and the development line.
The subsequent main resistance is close to the $20 zone or the 50% Fib retracement degree of the downward transfer from the $21.51 swing excessive to the $18.70 low. The major resistance is now forming close to the $20.50 degree and the 100 easy transferring common (4 hours).
Source: SOLUSD on TradingView.com
The 61.8% Fib retracement degree of the downward transfer from the $21.51 swing excessive to the $18.70 low is additionally close to $20.50. A detailed above the $20.50 degree may resend the value towards the $21.50 resistance zone. Any extra beneficial properties may ship the value towards the $22 degree.
More Losses in SOL?
If SOL fails to clear the $20.50 resistance, it may proceed to transfer down. Initial assist on the draw back is close to the $19.00 degree.
The first main assist is close to the $18.80 degree, beneath which the bears may acquire energy. In the said case, Solana worth might maybe decline towards the $18.20 assist. The subsequent main assist is close to the $17.50 degree.
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 degree.
Major Support Levels – $18.80, and $18.20.
Major Resistance Levels – $20.00, $20.50, and $21.50.
