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Solana is gaining bearish momentum under $20 towards the US Greenback. SOL value is struggling and will drop additional towards $16.50 and even $15.00.
SOL value is exhibiting bearish indicators under $20.00 and $20.50 towards the US Greenback.
The worth is now buying and selling under $20 and the 100 easy transferring common (4 hours).
There’s a main bearish development line forming with resistance close to $19.20 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
The pair might proceed to down if there’s a shut under the $17.80 assist.
Solana Value Drops Additional
Previously few days, Solana’s value made a few makes an attempt to clear the $22.00 resistance. Nonetheless, SOL failed to achieve power for a transfer above the $22.00 degree.
In consequence, there was a contemporary bearish response under the $21.20 assist, like Bitcoin and Ethereum. Extra importantly, FTX’s information of a attainable promoting of SOL can also be placing numerous stress on the bulls. The worth gained bearish momentum and traded under the $20.00 assist.
Lastly, 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 under $20 and the 100 easy transferring common (4 hours).
Moreover, there’s a main bearish development 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.
Supply: SOLUSD on TradingView.com
The primary main resistance is close to the $19.20 degree or the development line. The following 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 good points may ship the worth towards the $22 degree.
Extra Losses in SOL?
If SOL fails to clear the $19.20 resistance, it might proceed to maneuver down. Preliminary assist on the draw back is close to the $17.80 degree.
The primary main assist is close to the $17.20 degree. If there’s a shut under the $17.20 assist, the worth might decline towards the $16.50 assist. Within the said case, there’s a danger 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 Power Index) – The RSI for SOL/USD is under the 50 degree.
Main Help Ranges – $17.80, and $17.20.
Main Resistance Ranges – $19.20, $20.00, and $22.00.
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