Solana price gained bearish momentum below the .00 level against the US Dollar. The price is now trading below and the 55 simple moving average (4 hours). There is a key bearish trend line forming with resistance near .00 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase). The pair could recover, but upsides might be limited above the resistance. Solana price is trading in a bearish zone below against the US Dollar, similar to Bitcoin. SOL could accelerate further lower if it stays below the resistance zone. Solana (SOL) Price Analysis SOL price started a major decline below the support zone. The price gained bearish momentum below the .50 support zone. The bears were able to push the price below the and
Topics:
Aayush Jindal considers the following as important: Altcoin News, News, Trading
This could be interesting, too:
Chimamanda U. Martha writes OSL Strengthens Partnership with Solomon JFZ Ahead of Hong Kong ETF Launch
Temitope Olatunji writes Japanese Metaplanet’s Purchase of Bitcoin Worth .25M Signals Growing Corporate Adoption
Godfrey Benjamin writes Here Are 3 Major Recent Cardano (ADA) Upgrades to Know
Steve Muchoki writes BNY Mellon Invests in Spot Bitcoin ETFs from BlackRock and Grayscale
- Solana price gained bearish momentum below the $28.00 level against the US Dollar.
- The price is now trading below $25 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $25.00 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
- The pair could recover, but upsides might be limited above the $25 resistance.
Solana price is trading in a bearish zone below $25 against the US Dollar, similar to Bitcoin. SOL could accelerate further lower if it stays below the $25 resistance zone.
Solana (SOL) Price Analysis
SOL price started a major decline below the $28 support zone. The price gained bearish momentum below the $26.50 support zone. The bears were able to push the price below the $25 and $24 support levels.
There was a drop below the $23.50 support and the 55 simple moving average (4 hours). A low was formed near $22.74 and the price is now consolidating losses. It seems like the price might attempt a recovery wave above the $23.50 level.
On the upside, immediate resistance is near the $24.00 level. The next major resistance is near the $25.00 level. There is also a key bearish trend line forming with resistance near $25.00 on the 4-hour chart of the SOL/USD pair. The trend line is near the 23.6% Fib retracement level of the downward move from the $32.40 swing high to the $22.74 low.
A clear move above the $24.00 and $25.00 resistance levels might call for a steady increase. The next major resistance sits near the $27.50 level, above which the price might rise towards the 61.8% Fib retracement level of the downward move from the $32.40 swing high to the $22.74 low at $28.70.
Any more gains might send SOL price toward the $30.00 resistance zone. On the downside, initial support is near the $22.75 level. A downside break below the $22.75 support level might spark a major drop. In the stated case, the price may perhaps decline toward the $20.00 level.
Looking at the chart, Solana price is clearly trading below $25 and the 55 simple moving average (4 hours). Overall, the price could recover, but upsides might be limited above the $25 resistance.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $22.75 and $22.00.
Key Resistance Levels – $25.00, $27.50, and $28.70.