Solana is gaining bearish momentum beneath $20 towards the US Greenback. SOL worth is struggling and will drop additional towards $16.50 and even $15.00.
- SOL worth is exhibiting 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 transferring 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 (knowledge supply from Kraken).
- The pair may proceed to down if there’s a shut beneath the $17.80 assist.
Solana Worth Drops Additional
Previously few days, Solana’s worth made a few makes an attempt to clear the $22.00 resistance. Nonetheless, SOL failed to realize power for a transfer above the $22.00 stage.
Because of this, there was a contemporary bearish response beneath the $21.20 assist, like Bitcoin and Ethereum. Extra importantly, FTX’s information of a potential promoting of SOL can also be placing numerous stress on the bulls. The worth gained bearish momentum and traded beneath the $20.00 assist.
Lastly, it discovered assist close to $17.80. A low is fashioned close to $17.78 and the value is now consolidating losses. SOL is now buying and selling beneath $20 and the 100 easy transferring common (4 hours).
Moreover, 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, quick 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.
Supply: SOLUSD on TradingView.com
The primary 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 would possibly ship the value towards the $21.20 resistance. Any extra positive factors would possibly ship the value towards the $22 stage.
Extra Losses in SOL?
If SOL fails to clear the $19.20 resistance, it may proceed to maneuver down. Preliminary assist on the draw back is close to the $17.80 stage.
The primary main assist is close to the $17.20 stage. If there’s a shut beneath the $17.20 assist, the value may decline towards the $16.50 assist. Within the said case, there’s a danger of extra downsides towards the $15.00 assist 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 Energy Index) – The RSI for SOL/USD is beneath the 50 stage.
Main Help Ranges – $17.80, and $17.20.
Main Resistance Ranges – $19.20, $20.00, and $22.00.