Solana (SOL) Takes Hit – Is This Start of Bearish Move Toward $200?
Solana began a recent decline from the $250 zone. SOL worth is now exhibiting bearish indicators and would possibly even decline towards the $200 help.
- SOL worth began a recent decline under $240 and $230 towards the US Greenback.
- The worth is now buying and selling under $220 and the 100-hourly easy transferring common.
- There’s a key bearish development line forming with resistance at $222 on the hourly chart of the SOL/USD pair (information supply from Kraken).
- The worth may lengthen losses if it stays under $215 and $222.
Solana Worth Dips Once more
Solana worth failed to remain above $250 and began a recent decline, like Bitcoin and Ethereum. SOL traded under the $240 and $232 help ranges to enter a bearish zone.
The bears even pushed the worth under $220 and the 100-hourly easy transferring common. A low was fashioned at $207 and the worth is now consolidating losses under the 23.6% Fib retracement stage of the downward transfer from the $254 swing excessive to the $207 low.
Solana is now buying and selling under $220 and the 100-hourly easy transferring common. Moreover, there’s a key bearish development line forming with resistance at $222 on the hourly chart of the SOL/USD pair.
If there’s a restoration wave, the worth may face resistance close to the $215 stage. The subsequent main resistance is close to the $220 stage or the development line. The primary resistance may very well be $230 or the 50% Fib retracement stage of the downward transfer from the $254 swing excessive to the $207 low.
A profitable shut above the $230 resistance zone may set the tempo for one more regular improve. The subsequent key resistance is $242. Any extra beneficial properties would possibly ship the worth towards the $250 stage.
Extra Losses In SOL?
If SOL fails to rise above the $222 resistance, it may proceed to maneuver down. Preliminary help on the draw back is close to the $207 zone. The primary main help is close to the $202 stage.
A break under the $202 stage would possibly ship the worth towards the $200 help zone. If there’s a shut under the $200 help, the worth may 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 Energy Index) – The RSI for SOL/USD is under the 50 stage.
Main Help Ranges – $202 and $200.
Main Resistance Ranges – $215 and $222.
