SOL Price (Solana) Close Below $50 Could Spark Larger Degree Correction

Solana rallied above the $65 resistance in opposition to the US Greenback. SOL worth is now correcting positive aspects and may even slide beneath the $50 help.

• SOL worth began a serious rally above the $60 resistance earlier than the bears appeared in opposition to the US Greenback.
• The worth 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 (knowledge supply from Kraken).
• The pair may speed up decrease beneath the $55.00 help zone within the coming classes.

Solana Value Begins Draw back Correction

Prior to now few days, Solana noticed a serious 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 not too long ago 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, instant resistance is close to the $59.50 degree. It’s near the 50% Fib retracement degree of the downward transfer from the $68.16 swing excessive to the $51.23 low. The primary main resistance is close to the $60.00 degree.

Supply: SOLUSD on TradingView.com

The principle 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 may set the tempo for a bigger improve. The following key resistance is close to $68.50. Any extra positive aspects may ship the worth towards the $72.00 degree.

Extra Losses in SOL?

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

The primary main help is close to the $51.20 degree, beneath which the worth may take a look at $50. If there’s a shut beneath the $50 help, the worth may 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 Energy Index) – The RSI for SOL/USD is beneath the 50 degree.

Main Assist Ranges – $55.00, and $51.20.

Main Resistance Ranges – $60.00, $62.00, and $68.50.