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Home»Analysis»Solana drops, but it’s too early to say the bulls have given up
Analysis

Solana drops, but it’s too early to say the bulls have given up

2023-05-01No Comments2 Mins Read
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Solana began a $24 downside correction against the US dollar. SOL price may start a fresh increase if it stays above the $21.50 support.

  • SOL price is correcting lower from the $24 resistance against the US Dollar.
  • The price is now trading below $23.50 and the 100 simple moving average (4 hours).
  • There was a break above a major bearish trendline with resistance near USD 22.50 on the SOL/USD pair’s 4-hour chart (data source from Kraken).
  • The pair could start a fresh increase if it stays above the USD 21.50 support.

Solana Price remains supported

Last week, Solana’s price formed a base above the $20.50 level. SOL started another increase and was able to clear the $21.50 resistance. There was a break above a major bearish trendline with resistance near USD 22.50 on the SOL/USD pair’s 4-hour chart.

However, the bears were active near the $24 resistance. A high is forming near $23.99 and the price is now correcting gains similar to Bitcoin and Ethereum.

SOL dropped below the $23.50 and $23.00 levels. There was a drop below the 50% Fib retracement level of the upward move from the $20.39 swing low to the $23.99 high. It is now trading below $23.50 and the 100 simple moving average (4 hours).

SOL Price Prediction

Source: SOLUSD at TradingView.com

On the upside, immediate resistance is near the $22.50 level. The next major resistance is near the $23 zone and the 100 simple moving average (4 hours). A close above the $23 level could again send the price towards the $24 resistance zone. More gains could send the price towards the $25 level.

See also  Ethereum Accelerates Toward $2,000, But Can the Bulls Reach It?

Lose more in SOL?

If SOL fails to clear the $23 resistance, it could fall further. The first support on the downside is near the $21.75 level or the 61.8% Fib retracement level of the upward move from the $20.39 swing low to the $23.99 high.

The first major support is near the $21.50 level, below which the bears could gain strength. In the said case, the price might fall towards $20.40 support. The next major support is near the $20 level.

Technical indicators

4am MACD – The MACD for SOL/USD is gaining momentum in the bearish zone.

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

Main Support Levels – $21.75, $21.50 and $20.00.

Main resistance levels – $22.50, $23 and $24.

Source link

Bulls Drops early Solana
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