Solana Falls Below $15! If SOL Price Fails to Hold, the Decline Could Deepen!

  • The SOL price is showing bearish signs below the $20 resistance against the US Dollar.
  • The price is currently trading below $15 and the 100 simple moving average (4-hour).
  • On the 4-hour chart of SOL/USD, there is a significant downward trend line forming with resistance near $15.25.

Solana gained bearish momentum and traded below $15. It is believed that the SOL price may struggle to recover above the $15 and $17.50 resistance levels.

Bears Gain Control in Solana

Solana

In the past few days, the price of Solana started a new decline from levels above $20. SOL gained bearish momentum and started trading below the $17.50 support.

Bears gained control and pushed the price below $15. The price is currently showing bearish signs below $15, similar to Bitcoin and Ethereum. A low was formed near $13.00 and the price is currently consolidating its losses.

SOL is currently trading below $15 and the 100 simple moving average (4-hour). On the 4-hour chart of SOL/USD, there is also a significant downward trend line forming with resistance near $15.25. On the upside, the first resistance level is near $15 and close to the trend line.

The trend line is near the 23.6% Fibonacci retracement level of the downward move from the $22.32 high to the $13.00 low. The next major resistance level is around $16.

sol-usd-4

4-Hour Price Chart of SOL/USD

If there is a close above the $17.50 level, the main resistance is currently near or close to the 50% Fibonacci retracement level of the downward move from the $22.32 high to the $13.00 low. A successful close above $17.50 could lead the price towards the $18.80 resistance zone. Further gains could send the price towards $20.

Will the Decline Continue in SOL Price?

If SOL fails to surpass the $17.50 resistance, it could continue to decline. The first support level on the downside is around $14.30.

The first major support level is around $13.00 and bears could gain strength. In this case, the price could drop towards the $12.00 support level. The next major support level is around $10.50.

Technical Indicators

  • 4-Hour MACD – The MACD for SOL/USD is losing momentum in the bearish zone.
  • 4-Hour RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
  • Important Support Levels – $14.30 and $13.00.
  • Important Resistance Levels – $15.25, $17.50, and $18.80.
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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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