Solana, a cryptocurrency, has seen a downturn in value recently, trading below $20 against the US Dollar. Bears have gained strength and pushed SOL price below the $20 support level. The cryptocurrency is now exhibiting bearish signs while trading below $19.80 and the 100 simple moving average (4 hours). SOL faces high resistance in the $20 and $21 zones and the 50% Fibonacci retracement level. There is also a significant bearish trend line forming with resistance near $19.90 on the 4-hour chart of the SOL/USD pair. If the price does not clear the $20.50 and $21 resistance levels, then Solana might continue to decline towards the $18.20 support. Initial support on the downside is near the $19.00 level, and the next significant support is near the $17.50 level. Technical indicators show MACD and RSI in the bearish zone. Although a recovery might be possible, upsides might be limited above $20. The main resistance is now forming near the $20.50 level and the 100 simple moving average (4 hours).
In conclusion, Solana’s trading price is low, and bears have gained momentum. It faces major resistance in the $20 and $21 zones, and future losses seem likely if it does not clear the resistance levels mentioned above. The currency’s immediate support downside is near the $19.00 mark, but the next major support for it is near the $17.50 level. Technical indicators indicate a bearish zone for Solana.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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