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.
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