Solana (SOL) Takes Hit – Is This Start of Bearish | Solana News
Solana began a contemporary decline from the $250 zone. SOL price is now displaying bearish indicators and may even decline towards the $200 help.
- SOL price began a contemporary decline beneath $240 and $230 in opposition to the US Dollar.
- The price is now trading beneath $220 and the 100-hourly easy shifting average.
- There is a key bearish trend line forming with resistance at $222 on the hourly chart of the SOL/USD pair (information source from Kraken).
- The price might lengthen losses if it stays beneath $215 and $222.
Solana Price Dips Again
Solana price failed to remain above $250 and began a contemporary decline, like Bitcoin and Ethereum. SOL traded beneath the $240 and $232 help ranges to enter a bearish zone.
The bears even pushed the price beneath $220 and the 100-hourly easy shifting average. A low was shaped at $207 and the price is now consolidating losses beneath the 23.6% Fib retracement degree of the downward transfer from the $254 swing high to the $207 low.
Solana is now trading beneath $220 and the 100-hourly easy shifting average. Besides, there may be a key bearish trend line forming with resistance at $222 on the hourly chart of the SOL/USD pair.
If there may be a restoration wave, the price might face resistance close to the $215 degree. The subsequent main resistance is close to the $220 degree or the trend line. The foremost resistance might be $230 or the 50% Fib retracement degree of the downward transfer from the $254 swing high to the $207 low.
A profitable close above the $230 resistance zone might set the tempo for one more regular increase. The subsequent key resistance is $242. Any more positive factors may ship the price towards the $250 degree.
More Losses In SOL?
If SOL fails to rise above the $222 resistance, it might proceed to maneuver down. Initial help on the draw back is close to the $207 zone. The first main help is close to the $202 degree.
A break beneath the $202 degree may ship the price towards the $200 help zone. If there may be a close beneath the $200 help, the price might decline towards the $184 help within the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining tempo within the bearish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is beneath the 50 degree.
Major Support Levels – $202 and $200.
Major Resistance Levels – $215 and $222.
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