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Solana Price SOL

SOL Price Prediction: Solana Turns Sell On Rallies As It Breaks $20

Aayush Jindal by Aayush Jindal
2 weeks ago
in Technical analysis
Reading Time: 2 mins read

Solana gained bearish momentum and traded below $20 against the US Dollar. SOL price might now struggle to recover above the $20 and $21 resistance levels.

  • SOL price is showing bearish signs below the $20.50 resistance against the US Dollar.
  • The price is now trading below $19.80 and the 100 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $19.90 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
  • The pair could recover but upsides might be limited above $20.

Solana Price Extends Losses

This past week, Solana’s price started a fresh decline from well above $21. SOL gained bearish momentum and was able to trade below the $20.50 support.

The bears gained strength and pushed the price below the $20 support. The price is now showing bearish signs below $20, similar to Bitcoin and Ethereum. A low is formed near $18.70 and the price is now consolidating losses.

SOL is now trading below $19.80 and the 100 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $19.90 on the 4-hour chart of the SOL/USD pair. On the upside, immediate resistance is near the $19.80 level and the trend line.

The next major resistance is near the $20 zone or the 50% Fib retracement level of the downward move from the $21.51 swing high to the $18.70 low. The main resistance is now forming near the $20.50 level and the 100 simple moving average (4 hours).

SOL Price Prediction

Source: SOLUSD on TradingView.com

The 61.8% Fib retracement level of the downward move from the $21.51 swing high to the $18.70 low is also near $20.50. A close above the $20.50 level could resend the price toward the $21.50 resistance zone. Any more gains might send the price toward the $22 level.

More Losses in SOL?

If SOL fails to clear the $20.50 resistance, it could continue to move down. Initial support on the downside is near the $19.00 level.

The first major support is near the $18.80 level, below which the bears might gain strength. In the stated case, Solana price may perhaps decline toward the $18.20 support. The next major support is near the $17.50 level.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $18.80, and $18.20.

Major Resistance Levels – $20.00, $20.50, and $21.50.

Tags: SolSolanaSOLUSDSOLUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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