Analysis

Why SOL Could Dive Another 50%

Solana is accelerating decrease beneath $12 and $10 ranges towards the US Greenback. SOL worth stays at a danger of a transfer in the direction of the $7.50 and $7.00 ranges.

  • Sol worth is struggling and buying and selling nicely beneath the $12 stage towards the US Greenback.
  • The value is now buying and selling beneath $10 and the 100 easy shifting common (4-hours).
  • There’s a main bearish pattern line forming with resistance close to $10.55 on the 4-hours chart of the SOL/USD pair (knowledge supply from Kraken).
  • The pair may face a powerful promoting curiosity close to $10.55 and $12 within the coming days.

Solana Value Features Bearish Momentum

This month, solana worth noticed a powerful decline from the $15 resistance zone. There was a drop beneath the $13.50 and $12 help ranges to maneuver right into a bearish zone once more.

Sol worth even dumped beneath the $10 stage and the 100 easy shifting common (4-hours). The value traded as little as $9.66 and is at present consolidating losses. There are clear sturdy bearish indicators beneath the $10 stage, in contrast to bitcoin and ethereum.

Apart from, there’s a main bearish pattern line forming with resistance close to $10.55 on the 4-hours chart of the SOL/USD pair. On the upside, an instantaneous resistance is close to the $10.55 stage and the pattern line.

The primary main resistance is close to the $11 stage. It’s near the 23.6% Fib retracement stage of the primary drop from the $14.95 swing excessive to $9.66 low. The following main resistance is close to the $12 zone, above which the value would possibly rise in the direction of the 100 easy shifting common (4-hours).

Solana Price SOL

Supply: SOLUSD on TradingView.com

The 50% Fib retracement stage of the primary drop from the $14.95 swing excessive to $9.66 low can also be close to $12.30 to behave as a powerful resistance. Any extra beneficial properties would possibly ship the value in the direction of the $15 stage.

Extra Losses in SOL?

If SOL fails to clear the $10.55 resistance, it may proceed to maneuver down. An preliminary help on the draw back is close to the $9.65 stage.

The primary main help is close to the $9.20 stage. The following main help is close to the $8.20 stage. If there’s a draw back break beneath the $8.20 help, the bears would possibly even push the value beneath $7.50.

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 at present beneath the 50 stage.

Main Assist Ranges – $9.65, $9.20 and $8.20.

Main Resistance Ranges – $10.55, $11 and $12.

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