Solana gained bearish momentum and traded beneath $20 towards the US Greenback. SOL worth would possibly now battle to get well above the $20 and $21 resistance ranges.
SOL worth is exhibiting bearish indicators beneath the $20.50 resistance towards the US Greenback.
The worth is now buying and selling beneath $19.80 and the 100 easy shifting common (4 hours).
There’s a main bearish pattern 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 get well however upsides could be restricted above $20.
Solana Value Extends Losses
This previous week, Solana’s worth began a contemporary decline from properly above $21. SOL gained bearish momentum and was capable of commerce beneath the $20.50 assist.
The bears gained power and pushed the worth beneath the $20 assist. The worth is now exhibiting bearish indicators beneath $20, much like Bitcoin and Ethereum. A low is shaped close to $18.70 and the worth is now consolidating losses.
SOL is now buying and selling beneath $19.80 and the 100 easy shifting common (4 hours). There’s additionally a serious bearish pattern line forming with resistance close to $19.90 on the 4-hour chart of the SOL/USD pair. On the upside, fast resistance is close to the $19.80 stage and the pattern line.
The subsequent main resistance is close to the $20 zone or the 50% Fib retracement stage of the downward transfer from the $21.51 swing excessive to the $18.70 low. The principle resistance is now forming close to the $20.50 stage and the 100 easy shifting common (4 hours).
Supply: SOLUSD on TradingView.com
The 61.8% Fib retracement stage of the downward transfer from the $21.51 swing excessive to the $18.70 low can be close to $20.50. A detailed above the $20.50 stage might resend the worth towards the $21.50 resistance zone. Any extra good points would possibly ship the worth towards the $22 stage.
Extra Losses in SOL?
If SOL fails to clear the $20.50 resistance, it might proceed to maneuver down. Preliminary assist on the draw back is close to the $19.00 stage.
The primary main assist is close to the $18.80 stage, beneath which the bears would possibly acquire power. Within the acknowledged case, Solana worth could maybe decline towards the $18.20 assist. The subsequent main assist is close to the $17.50 stage.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining tempo within the bearish zone.
4-Hours RSI (Relative Power Index) – The RSI for SOL/USD is beneath the 50 stage.
Main Help Ranges – $18.80, and $18.20.
Main Resistance Ranges – $20.00, $20.50, and $21.50.
