Solana (SOL) Price Analysis: Nosedives, Bears In Full ControlNovember 9, 2022
Solana price is trading below $27 against the US Dollar, similar to bitcoin. SOL could accelerate further lower if it stays below the $27.00 resistance zone.
Solana (SOL) Price Analysis
SOL price made a few attempts to gain strength above the $38.00 resistance zone. However, the price failed to clear the $38 zone and started a fresh decline from $38.79.
There was a steady decline below the $35.00 support and the 55 simple moving average (4-hours). The price declined below the $30.00 support. Besides, there was a break below a key bullish trend line with support near $31 on the 4-hours chart of the SOL/USD pair.
The price tumbled below the $27 support and traded as low as $21.51. It is now trading below $27 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $25.5 level.
The 23.6% Fib retracement level of the downward move from the $38.79 swing high to $21.51 low is also near the $25.50 zone. The next major resistance is near the $27.00 level. A clear move above the $27.00 and $28.00 resistance levels might call for a steady increase.
The next major resistance sits near the $30.00 level or the 50% Fib retracement level of the downward move from the $38.79 swing high to $21.51 low. Any more gains might send sol price towards the $32.00 resistance zone.
On the downside, an initial support is near the $21.50 level. A downside break below the $21.50 support level might spark a major drop. In the stated case, the price may perhaps decline towards the $20.00 level.
Solana (SOL) Price
Looking at the chart, solana price is clearly trading below $27 and the 55 simple moving average (4-hours). Overall, the price could extend losses if there is a clear move below the $21.50 support zone.
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $21.50 and $20.00.
Key Resistance Levels – $25.50, $27.00 and $28.00.
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