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Solana (SOL) Nosedives — Sellers Tighten Grip, Recovery Attempts Fail

Solana began a recent decline from the $188 zone. SOL worth is now consolidating losses under $180 and would possibly decline additional under $175.

  • SOL worth began a recent decline under $185 and $180 towards the US Dollar.
  • The worth is now buying and selling under $182 and the 100-hourly easy transferring common.
  • There is a key bearish pattern line forming with resistance at $192 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
  • The worth may begin one other enhance if the bulls defend $175 or $172.

Solana Price Dips Again

Solana worth prolonged features above $180 and $182, like Bitcoin and Ethereum. SOL even surpassed $188 earlier than the bears appeared. A high was shaped close to $189 and the value dropped.

There was a transfer under $185 and $180. A low was shaped at $176, and the value is now consolidating losses with a bearish angle under the 23.6% Fib retracement degree of the downward transfer from the $188 swing high to the $176 low. Besides, there’s a key bearish pattern line forming with resistance at $192 on the hourly chart of the SOL/USD pair.

Solana is now buying and selling under $185 and the 100-hourly easy transferring common. On the upside, instant resistance is close to the $182 degree or the 50% Fib retracement degree of the downward transfer from the $188 swing high to the $176 low.

The subsequent main resistance is close to the $185 degree. The predominant resistance could possibly be $188. A profitable shut above the $188 resistance zone may set the tempo for one more regular enhance. The subsequent key resistance is $192 and the pattern line. Any extra features would possibly ship the value towards the $200 degree.

Downside Continuation In SOL?

If SOL fails to rise above the $188 resistance, it may proceed to maneuver down. Initial help on the draw back is close to the $175 zone. The first main help is close to the $172 degree.

A break under the $172 degree would possibly ship the value towards the $165 help zone. If there’s a shut under the $165 help, the value may decline towards the $150 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 under the 50 degree.

Major Support Levels – $175 and $172.

Major Resistance Levels – $188 and $192.

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