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Solana (SOL) Takes Hit – Is This Start of Bearish Move Toward $200?

Solana began a recent decline from the $250 zone. SOL value is now exhibiting bearish indicators and may even decline towards the $200 assist.

  • SOL value began a recent decline beneath $240 and $230 in opposition to the US Dollar.
  • The value is now buying and selling beneath $220 and the 100-hourly easy transferring common.
  • There is a key bearish development line forming with resistance at $222 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
  • The value may prolong losses if it stays beneath $215 and $222.

Solana Price Dips Again

Solana value failed to remain above $250 and began a recent decline, like Bitcoin and Ethereum. SOL traded beneath the $240 and $232 assist ranges to enter a bearish zone.

The bears even pushed the value beneath $220 and the 100-hourly easy transferring common. A low was fashioned at $207 and the value is now consolidating losses beneath the 23.6% Fib retracement stage of the downward transfer from the $254 swing high to the $207 low.

Solana is now buying and selling beneath $220 and the 100-hourly easy transferring common. Besides, 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 value may face resistance close to the $215 stage. The subsequent main resistance is close to the $220 stage or the development line. The important resistance might be $230 or the 50% Fib retracement stage of the downward transfer from the $254 swing high to the $207 low.

A profitable shut above the $230 resistance zone may set the tempo for an additional regular improve. The subsequent key resistance is $242. Any extra beneficial properties may ship the value towards the $250 stage.

More Losses In SOL?

If SOL fails to rise above the $222 resistance, it may proceed to maneuver down. Initial assist on the draw back is close to the $207 zone. The first main assist is close to the $202 stage.

A break beneath the $202 stage may ship the value towards the $200 assist zone. If there’s a shut beneath the $200 assist, the value may decline towards the $184 assist 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 Strength Index) – The RSI for SOL/USD is beneath the 50 stage.

Major Support Levels – $202 and $200.

Major Resistance Levels – $215 and $222.

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