Solana is gaining bearish momentum below $20 against the US Dollar. SOL price is struggling and could drop further toward $16.50 or even $15.00.
- SOL price is showing bearish signs below $20.00 and $20.50 against the US Dollar.
- The price is now trading below $20 and the 100 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $19.20 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to down if there is a close below the $17.80 support.
Solana Price Drops Further
In the past few days, Solana’s price made a couple of attempts to clear the $22.00 resistance. However, SOL failed to gain strength for a move above the $22.00 level.
As a result, there was a fresh bearish reaction below the $21.20 support, like Bitcoin and Ethereum. More importantly, FTX’s news of a possible selling of SOL is also putting a lot of pressure on the bulls. The price gained bearish momentum and traded below the $20.00 support.
Finally, it found support near $17.80. A low is formed near $17.78 and the price is now consolidating losses. SOL is now trading below $20 and the 100 simple moving average (4 hours).
Besides, there is a major bearish trend line forming with resistance near $19.20 on the 4-hour chart of the SOL/USD pair. On the upside, immediate resistance is near the $18.50 level or the 23.6% Fib retracement level of the downward move from the $20.59 swing high to the $17.78 low.
Source: SOLUSD on TradingView.com
The first major resistance is near the $19.20 level or the trend line. The next key resistance is near the 76.4% Fib retracement level of the downward move from the $20.59 swing high to the $17.78 low at $20.00. A clear move above the $20.00 resistance might send the price toward the $21.20 resistance. Any more gains might send the price toward the $22 level.
More Losses in SOL?
If SOL fails to clear the $19.20 resistance, it could continue to move down. Initial support on the downside is near the $17.80 level.
The first major support is near the $17.20 level. If there is a close below the $17.20 support, the price could decline toward the $16.50 support. In the stated case, there is a risk of more downsides toward the $15.00 support in the near term.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $17.80, and $17.20.
Major Resistance Levels – $19.20, $20.00, and $22.00.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- ChartPrime. Elevate your Trading Game with ChartPrime. Access Here.
- BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
- Source: https://www.newsbtc.com/analysis/sol-price-prediction-solana-takes-hit-15/
- :is
- 1
- 100
- 20
- 23
- 50
- 80
- a
- above
- against
- also
- and
- any
- At
- Attempts
- average
- bearish
- Bearish Momentum
- bearish signs
- below
- Bulls
- case
- Chart
- clear
- Close
- consolidating
- continue
- could
- Couple
- data
- Days
- Decline
- dive
- Dollar
- down
- downside
- downsides
- downward
- Drop
- Drops
- Even
- Failed
- fails
- few
- First
- For
- formed
- found
- fresh
- from
- further
- Gain
- gained
- gaining
- Gains
- High
- Hit
- HOURS
- However
- HTTPS
- if
- immediate
- in
- index
- initial
- IT
- Key
- key resistance
- Kraken
- Level
- levels
- like
- Line
- losses
- Lot
- Low
- MACD
- made
- major
- max-width
- might
- Momentum
- more
- move
- moving
- moving average
- Near
- news
- NewsBTC
- next
- now
- of
- on
- or
- Pace
- pair
- past
- plato
- Plato Data Intelligence
- PlatoData
- possible
- prediction
- pressure
- price
- Price Prediction
- Putting
- reaction
- relative
- relative strength index
- Resistance
- result
- retracement
- Risk
- rsi
- Selling
- send
- Signs
- Simple
- SOL
- SOL Price
- SOL/USD
- Solana
- Source
- stated
- strength
- Struggling
- support
- support levels
- Swing
- takes
- term
- The
- There.
- to
- toward
- traded
- Trading
- TradingView
- Trend
- Upside
- us
- US Dollar
- was
- with
- zephyrnet