Solana gained bearish momentum and traded beneath $20 in opposition to the US greenback. The SOL value could now battle to interrupt above the $20 and $21 resistance ranges.
- SOL value is displaying bearish indicators beneath the $20.50 resistance in opposition to the US greenback.
- The value is now buying and selling beneath $19.80 and the 100 easy shifting common (4 hours).
- A significant bearish trendline is forming with resistance close to $19.90 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
- The pair could get well, however the upside could also be restricted above $20.
Solana Worth extends losses
This previous week, Solana’s value began one other decline from properly above $21. SOL gained bearish momentum and was capable of commerce beneath the $20.50 help.
The bears gained energy and pushed the value beneath the $20 help. The value is now displaying bearish indicators beneath $20, just like Bitcoin and Ethereum. A low is forming 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 may be additionally a significant bearish development line forming with resistance close to $19.90 on the 4-hour chart of the SOL/USD pair. On the upside, instant resistance is close to the $19.80 degree and trendline.
The subsequent main resistance is close to the $20 zone or the 50% Fib retracement degree for the downward transfer from the $21.51 swing excessive to the $18.70 low. The principle resistance is now forming close to the $20.50 degree and the 100 easy shifting common (4 hours).
Supply: SOLUSD on TradingView.com
The 61.8% Fib retracement degree for 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 ship the value again in direction of the $21.50 resistance zone. Any additional features might ship the value in direction of the $22 degree.
Extra losses in SOL?
If SOL fails to clear the $20.50 resistance, it might proceed to maneuver decrease. Preliminary help on the draw back is close to the $19.00 degree.
The primary main help is close to the $18.80 degree, beneath which the bears might achieve energy. Within the indicated case, Solana value would possibly fall in direction of the $18.20 help. The subsequent main help is close to the $17.50 degree.
Technical indicators
4-hour MACD – MACD for SOL/USD is gaining momentum within the bearish zone.
4-hour RSI (Relative Power Index) – RSI for SOL/USD is beneath the 50 degree.
Main help ranges – $18.80 and $18.20.
Main resistance ranges – $20.00, $20.50 and $21.50.
