Solana (SOL) Flashes Bearish Signs — Are Further Losses Ahead?
Solana began a contemporary decline from the $188 zone. SOL worth is now transferring decrease and may decline additional beneath the $170 degree.
- SOL worth began a contemporary decline from the $188 resistance zone in opposition to the US Greenback.
- The worth is now buying and selling beneath $180 and the 100-hourly easy transferring common.
- There’s a connecting bearish development line forming with resistance at $176 on the hourly chart of the SOL/USD pair (information supply from Kraken).
- The pair might begin a contemporary enhance if it clears the $180 resistance zone.
Solana Value Dips Once more
Solana worth fashioned a base above the $170 help and began a contemporary enhance, like Bitcoin and Ethereum. SOL gained tempo for a transfer above the $172 and $175 resistance ranges.
The worth examined the $188 resistance earlier than there was a contemporary drop to $170. A low was fashioned close to $170 and the value just lately tried a contemporary enhance. The worth cleared the $172 degree. It surpassed the 23.6% Fib retracement degree of the current decline from the $188 swing excessive to the $170 low.
Solana is now buying and selling beneath $180 and the 100-hourly easy transferring common. There’s additionally a connecting bearish development line forming with resistance at $176 on the hourly chart of the SOL/USD pair.
On the upside, the value is dealing with resistance close to the $176 degree. The subsequent main resistance is close to the $180 degree. The primary resistance may very well be $185. A profitable shut above the $185 resistance zone might set the tempo for an additional regular enhance. The subsequent key resistance is $192. Any extra features may ship the value towards the $200 degree.
One other Decline in SOL?
If SOL fails to rise above the $176 resistance, it might begin one other decline. Preliminary help on the draw back is close to the $172 zone. The primary main help is close to the $170 degree.
A break beneath the $170 degree may ship the value towards the $165 zone and the development line. If there’s a shut beneath the $165 help, the value might decline towards the $160 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 Power Index) – The RSI for SOL/USD is beneath the 50 degree.
Main Assist Ranges – $172 and $170.
Main Resistance Ranges – $176 and $180.
