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Solana (SOL) Nosedives – Traders Fear More Pain Could Be Ahead

Solana began a recent decline from the $232 zone. SOL worth is now displaying bearish indicators and may even decline towards the $180 help.

  • SOL worth began a recent decline beneath $232 and $220 towards the US Dollar.
  • The worth is now buying and selling beneath $200 and the 100-hourly easy shifting common.
  • There is a key bearish development line forming with resistance at $204 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
  • The worth may lengthen losses if it stays beneath $204 and $212.

Solana Price Dips Sharply

Solana worth failed to remain above $232 and began a recent decline, like Bitcoin and Ethereum. SOL traded beneath the $220 and $212 help ranges to enter a bearish zone.

The bears even pushed the worth beneath $200 and the 100-hourly easy shifting common. A low was fashioned at $191 and the worth is now consolidating losses beneath the 23.6% Fib retracement stage of the downward transfer from the $242 swing high to the $191 low.

Solana is now buying and selling beneath $200 and the 100-hourly easy shifting common. Besides, there’s a key bearish development line forming with resistance at $204 on the hourly chart of the SOL/USD pair.

If there’s a restoration wave, the worth may face resistance close to the $200 stage. The subsequent main resistance is close to the $204 stage or the development line. The important resistance could possibly be $215 or the 50% Fib retracement stage of the downward transfer from the $242 swing high to the $191 low.

A profitable shut above the $215 resistance zone may set the tempo for an additional regular improve. The subsequent key resistance is $220. Any extra good points may ship the worth towards the $232 stage.

More Losses In SOL?

If SOL fails to rise above the $204 resistance, it may proceed to maneuver down. Initial help on the draw back is close to the $192 zone. The first main help is close to the $188 stage.

A break beneath the $188 stage may ship the worth towards the $180 help zone. If there’s a shut beneath the $180 help, the worth may decline towards the $174 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 Strength Index) – The RSI for SOL/USD is beneath the 50 stage.

Major Support Levels – $192 and $188.

Major Resistance Levels – $204 and $215.

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