- Solana price started a fresh decline from the $28.00 resistance zone against the US Dollar.
- The price is now trading below $20 and the 55 simple moving average (4-hours).
- There was a break above a short-term bearish trend line with resistance near $14.50 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
- The pair could recover, but upsides might be limited above the $20 resistance.
Solana price is trading below $20 against the US Dollar, similar to bitcoin. SOL could accelerate further lower if it stays below the $20.00 resistance zone.
Solana (SOL) Price Analysis
SOL price started a major decline from the $38.00 resistance zone. The price started a major decline from well above the $30 level. The bears were able to push the price below the $25 and $20 support levels.
There was a drop below the $20.00 support and the 55 simple moving average (4-hours). Finally, the price declined below the $15.00 support. A low was formed near $12.09 and the price is now consolidating losses. There was a minor increase above the $13 and $13.50 levels.
Besides, there was a break above a short-term bearish trend line with resistance near $14.50 on the 4-hours chart of the SOL/USD pair. On the upside, an immediate resistance is near the $15.15 level.
The next major resistance is near the $18.40 level. The 23.6% Fib retracement level of the downward move from the $38.80 swing high to $12.09 low is also near $18.40. A clear move above the $18.00 and $18.40 resistance levels might call for a steady increase.
The next major resistance sits near the $20.00 level, above which the price might rise towards the 50% Fib retracement level of the downward move from the $38.80 swing high to $12.09 low. Any more gains might send sol price towards the $30.00 resistance zone.
On the downside, an initial support is near the $13.50 level. A downside break below the $13.50 support level might spark a major drop. In the stated case, the price may perhaps decline towards the $12.00 level.
Looking at the chart, solana price is clearly trading below $20 and the 55 simple moving average (4-hours). Overall, the price could recover, but upsides might be limited above the $20 resistance.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $13.50 and $12.00.
Key Resistance Levels – $15.15, $17.00 and $18.40.
