You are currently viewing Solana Turns Sell On Rallies As It Breaks $20

Solana Turns Sell On Rallies As It Breaks $20

[ad_1]

Solana gained bearish momentum and traded beneath $20 towards the US Dollar. SOL value would possibly now battle to get well above the $20 and $21 resistance ranges.

  • SOL value is exhibiting bearish indicators beneath the $20.50 resistance towards the US Dollar.
  • The value is now buying and selling beneath $19.80 and the 100 easy shifting common (4 hours).
  • There is a serious bearish development line forming with resistance close to $19.90 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
  • The pair might get well however upsides is perhaps restricted above $20.

Solana Price Extends Losses

This previous week, Solana’s value began a recent decline from properly above $21. SOL gained bearish momentum and was in a position to commerce beneath the $20.50 help.

The bears gained power and pushed the value beneath the $20 help. The value is now exhibiting bearish indicators beneath $20, much like Bitcoin and Ethereum. A low is shaped close to $18.70 and the value is now consolidating losses.

SOL is now buying and selling beneath $19.80 and the 100 easy shifting common (4 hours). There can be 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, speedy resistance is close to the $19.80 degree and the development line.

The subsequent main resistance is close to the $20 zone or the 50% Fib retracement degree of the downward transfer from the $21.51 swing excessive to the $18.70 low. The principal resistance is now forming close to the $20.50 degree and the 100 easy shifting common (4 hours).

SOL Price Prediction

Source: SOLUSD on TradingView.com

The 61.8% Fib retracement degree of the downward transfer from the $21.51 swing excessive to the $18.70 low can be close to $20.50. An in depth above the $20.50 degree might resend the value towards the $21.50 resistance zone. Any extra beneficial properties would possibly ship the value towards the $22 degree.

More Losses in SOL?

If SOL fails to clear the $20.50 resistance, it might proceed to maneuver down. Initial help on the draw back is close to the $19.00 degree.

The first main help is close to the $18.80 degree, beneath which the bears would possibly achieve power. In the acknowledged case, Solana value might maybe decline towards the $18.20 help. The subsequent main help is close to the $17.50 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 beneath the 50 degree.

Major Support Levels – $18.80, and $18.20.

Major Resistance Levels – $20.00, $20.50, and $21.50.

[ad_2]

Source link

Leave a Reply