Solana is gaining bearish momentum and is buying and selling under $20 towards the US Greenback. Value SOL might now battle to recuperate above the $20 and $21 resistance ranges.
The SOL worth is exhibiting bearish indicators under the $20.50 resistance towards the US Greenback.
The worth is now buying and selling under the $19.80 and the 100 (4-hour) easy transferring common.
There’s a massive 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 might recuperate however beneficial properties could also be restricted above $20.
Solana Value Extends Losses
This previous week, the worth of Solana began a brand new dip from effectively above $21. SOL gained bearish momentum and was in a position to commerce under the $20.50 help.
The bears gained energy and pushed the worth under the $20 help. The worth is now exhibiting bearish indicators under $20, much like Bitcoin and Ethereum. A low fashioned close to $18.70 and the worth is now consolidating losses.
SOL is now buying and selling under $19.80 and the 100 easy transferring common (4 hours). There may be 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, quick resistance lies close to the $19.80 stage and the development line.
The following main resistance is close to the $20 zone or the 50% Fib retracement stage of the draw back transfer from the $21.51 swing excessive to $18.70 low. Key resistance has now fashioned close to the $20.50 stage and the 100 (4-hour) easy transferring common.
Supply: SOLUSD at TradingView.com
The 61.8% Fib retracement stage of the draw back transfer from the swing excessive of $21.51 to low of $18.70 can be close to $20.50. An in depth above the $20.50 stage might ship the worth again in direction of the $21.50 resistance zone. Additional beneficial properties might ship the worth in direction of the $22 stage.
Extra Losses in SOL?
If the SOL fails to clear the $20.50 resistance, it might proceed transferring downwards. Preliminary help on the draw back close to the $19.00 stage.
The primary main help is close to the $18.80 stage, under which the bears might achieve floor. Within the talked about case, Solana’s worth might decline in direction of the $18.20 help. The following main help level is close to the $17.50 stage.
Technical Indicators
4 Hour MACD – The MACD for SOL/USD is accelerating within the bearish zone.
4 Hour RSI (Relative Energy Index) – The RSI for SOL/USD is under the 50 stage.
Key Help Ranges – $18.80, and $18.20.
Main Resistance Ranges – $20.00, $20.50 and $21.50.