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Solana began a draw back correction from $24 in opposition to the US Dollar. SOL worth may begin a contemporary improve if it stays above the $21.50 assist.

• SOL worth is correcting decrease from the $24 resistance in opposition to the US Dollar.
• The worth is now buying and selling under $23.50 and the 100 easy shifting common (4 hours).
• There was a break above a serious bearish development line with resistance close to $22.50 on the 4-hour chart of the SOL/USD pair (knowledge supply from Kraken).
• The pair may begin a contemporary improve if it stays above the $21.50 assist.

Solana Price Remains Supported

This previous week, Solana’s worth shaped a base above the $20.50 degree. SOL began a contemporary improve and was in a position to clear the $21.50 resistance. There was a break above a serious bearish development line with resistance close to $22.50 on the 4-hour chart of the SOL/USD pair.

However, the bears have been energetic close to the $24 resistance. A excessive is shaped close to $23.99 and the value is now correcting positive factors, related to Bitcoin and Ethereum.

SOL declined under the $23.50 and $23.00 ranges. There was a drop under the 50% Fib retracement degree of the upward transfer from the $20.39 swing low to the $23.99 excessive. It is now buying and selling under $23.50 and the 100 easy shifting common (4 hours).

Source: SOLUSD on TradingView.com

On the upside, instant resistance is close to the $22.50 degree. The subsequent main resistance is close to the $23 zone and the 100 easy shifting common (4 hours). An in depth above the $23 degree may resend the value towards the $24 resistance zone. Any extra positive factors may ship the value towards the $25 degree.

More Losses in SOL?

If SOL fails to clear the $23 resistance, it may proceed to transfer down. Initial assist on the draw back is close to the $21.75 degree or the 61.8% Fib retracement degree of the upward transfer from the $20.39 swing low to the $23.99 excessive.

The first main assist is close to the $21.50 degree, under which the bears may acquire energy. In the said case, the value could maybe decline towards the $20.40 assist. The subsequent main assist is close to the $20 degree.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining tempo within the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is under the 50 degree.

Major Support Levels – $21.75, $21.50, and $20.00.

Major Resistance Levels – $22.50, $23, and $24.