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Solana gained bearish momentum and traded beneath $15 towards the US Dollar. SOL value may now wrestle to get better above the $15 and $17.50 resistance ranges.

• SOL value is displaying bearish indicators beneath the $20 resistance towards the US Dollar.
• The value is now buying and selling beneath $15 and the 100 easy transferring common (4 hours).
• There is a significant bearish development line forming with resistance close to $15.25 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
• The pair may get better however upsides may be restricted above $17.50.

Solana Price Drops 20%

In the previous few days, Solana’s value began a contemporary decline from properly above $20. SOL gained bearish momentum and was in a position to commerce beneath the $17.50 help.

The bears gained energy and pushed the worth beneath the $15 help. The value is now displaying bearish indicators beneath $15, just like Bitcoin and Ethereum. A low is fashioned close to $13.00 and the worth is now consolidating losses.

SOL is now buying and selling beneath $15 and the 100 easy transferring common (4 hours). There can be a significant bearish development line forming with resistance close to $15.25 on the 4-hour chart of the SOL/USD pair. On the upside, quick resistance is close to the $15 stage and the development line.

The development line is near the 23.6% Fib retracement stage of the downward transfer from the $22.32 swing excessive to the $13.00 low. The subsequent main resistance is close to the $16 zone.

Source: SOLUSD on TradingView.com

The foremost resistance is now forming close to the $17.50 stage or the 50% Fib retracement stage of the downward transfer from the $22.32 swing excessive to the $13.00 low. A detailed above the $17.50 stage may resend the worth towards the $18.80 resistance zone. Any extra good points may ship the worth towards the $20 stage.

More Losses in SOL?

If SOL fails to clear the $17.50 resistance, it may proceed to maneuver down. Initial help on the draw back is close to the $14.30 stage.

The first main help is close to the $13.00 stage, beneath which the bears may achieve energy. In the said case, the worth might maybe decline towards the $12.00 help. The subsequent main help is close to the $10.50 stage.

Technical Indicators

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

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

Major Support Levels – $14.30, and $13.00.

Major Resistance Levels – $15.25, $17.50, and $18.80.