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Solana rallied above the $65 resistance towards the US Dollar. SOL value is now correcting good points and may even slide beneath the $50 help.

• SOL value began a significant rally above the $60 resistance earlier than the bears appeared towards the US Dollar.
• The value is now buying and selling beneath $60 and the 100 easy shifting common (4 hours).
• There was a break beneath a short-term rising channel with help close to $58.00 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
• The pair might speed up decrease beneath the $55.00 help zone within the coming periods.

Solana Price Starts Downside Correction

In the previous few days, Solana noticed a significant rally above the $60 degree. SOL gained bullish momentum after it settled above $60, outperforming Bitcoin and Ethereum.

The bulls even pumped the worth above the $65 degree. A excessive was fashioned close to $68.16 and the worth just lately noticed a draw back correction. It traded beneath $60 and examined $52. A low was fashioned close to $51.23 and the worth is now consolidating in a variety.

There was a break beneath a short-term rising channel with help close to $58.00 on the 4-hour chart of the SOL/USD pair. SOL is now buying and selling beneath $60 and the 100 easy shifting common (4 hours).

On the upside, speedy resistance is close to the $59.50 degree. It is near the 50% Fib retracement degree of the downward transfer from the $68.16 swing excessive to the $51.23 low. The first main resistance is close to the $60.00 degree.

Source: SOLUSD on TradingView.com

The important resistance is now close to $62 or the 61.8% Fib retracement degree of the downward transfer from the $68.16 swing excessive to the $51.23 low. A profitable shut above the $62.00 resistance might set the tempo for a bigger improve. The subsequent key resistance is close to $68.50. Any extra good points may ship the worth towards the $72.00 degree.

More Losses in SOL?

If SOL fails to get well above the $60.00 resistance, it might proceed to maneuver down. Initial help on the draw back is close to the $55.00 degree.

The first main help is close to the $51.20 degree, beneath which the worth might take a look at $50. If there’s a shut beneath the $50 help, the worth might decline towards the $45 help within the close to time period.

Technical Indicators

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

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

Major Support Levels – $55.00, and $51.20.

Major Resistance Levels – $60.00, $62.00, and $68.50.