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Solana is gaining bearish momentum beneath $20 in opposition to the US Dollar. SOL value is struggling and might drop additional towards $16.50 and even $15.00.

• SOL value is displaying bearish indicators beneath $20.00 and $20.50 in opposition to the US Dollar.
• The value is now buying and selling beneath $20 and the 100 easy transferring common (4 hours).
• There is a significant bearish pattern line forming with resistance close to $19.20 on the 4-hour chart of the SOL/USD pair (knowledge supply from Kraken).
• The pair might proceed to down if there’s a shut beneath the $17.80 assist.

Solana Price Drops Further

In the previous few days, Solana’s value made a few makes an attempt to clear the $22.00 resistance. However, SOL failed to achieve energy for a transfer above the $22.00 degree.

As a end result, there was a recent bearish response beneath the $21.20 assist, like Bitcoin and Ethereum. More importantly, FTX’s information of a attainable promoting of SOL can also be placing plenty of strain on the bulls. The value gained bearish momentum and traded beneath the $20.00 assist.

Finally, it discovered assist close to $17.80. A low is shaped close to $17.78 and the worth is now consolidating losses. SOL is now buying and selling beneath $20 and the 100 easy transferring common (4 hours).

Besides, there’s a main bearish pattern line forming with resistance close to $19.20 on the 4-hour chart of the SOL/USD pair. On the upside, fast resistance is close to the $18.50 degree or the 23.6% Fib retracement degree of the downward transfer from the $20.59 swing excessive to the $17.78 low.

Source: SOLUSD on TradingView.com

The first main resistance is close to the $19.20 degree or the pattern line. The subsequent key resistance is close to the 76.4% Fib retracement degree of the downward transfer from the $20.59 swing excessive to the $17.78 low at $20.00. A transparent transfer above the $20.00 resistance may ship the worth towards the $21.20 resistance. Any extra positive aspects may ship the worth towards the $22 degree.

More Losses in SOL?

If SOL fails to clear the $19.20 resistance, it might proceed to maneuver down. Initial assist on the draw back is close to the $17.80 degree.

The first main assist is close to the $17.20 degree. If there’s a shut beneath the $17.20 assist, the worth might decline towards the $16.50 assist. In the acknowledged case, there’s a threat of extra downsides towards the $15.00 assist within the close to time period.

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 – $17.80, and $17.20.

Major Resistance Levels – $19.20, $20.00, and $22.00.