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Home»EXCHANGE NEWS»SOL Price Prediction – Why Solana Could See a Sharp Decline
EXCHANGE NEWS

SOL Price Prediction – Why Solana Could See a Sharp Decline

By Crypto FlexsJanuary 8, 20243 Mins Read
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SOL Price Prediction – Why Solana Could See a Sharp Decline
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Solana is falling from the $115 resistance level. SOL price is showing some signs of weakness and may decline sharply towards the $68 support level.

  • SOL price started a new decline from the $115 resistance against the US dollar.
  • The price is currently trading below $100 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the SOL/USD pair, there is a major bearish trendline forming with resistance near $92 (data source from Kraken).
  • The pair may continue to decline towards the $80 support or even $68.

Solana price downward adjustment begins

After a steady increase, Solana bulls had difficulty clearing the $115 resistance level. SOL price formed a short-term high and started a new decline below the $105 support.

There was a steady decline below the $100 pivot level. The decline pushed the price below the 50% Fib retracement level, rising from the $71 swing low to the $108 high. The price is currently showing several bearish signs near the $115 resistance area, similar to Bitcoin and Ethereum.

SOL is currently trading below $95 and the 100 simple moving average (4-hours). There is also a major bearish trend line forming with resistance near $92 on the 4-hours chart of the SOL/USD pair.

Source: SOLUSD on TradingView.com

If there is a fresh advance, the immediate resistance is near the $92 level and the trend line. The first major resistance is near the $100 level or the 100 simple moving average (4-hours). Key resistance is currently near $105. A successful close of the $105 resistance could set the pace for another major rally. The next major resistance is near $115. Any more profits could push the price down to the $125 level.

Will there be more losses in SOL?

If SOL fails to rebound above the $92 resistance, it could continue to fall. Initial support for the downside is near the $80 level.

The first major support is near the $72 level, below which the price may test $68. If the price closes below the $68 support, the price may decline towards the $50 support in the near term.

technical indicators

4-Hour MACD – The MACD for SOL/USD is picking up speed in bearish territory.

4-Hour RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Key support levels – $80 and $68.

Key resistance levels – $92, $100, $105.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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