Solana failed to stay above $67 and corrected some gains. SOL price is falling and could target another rise if it remains above $63.00.
- The SOL price started a downward correction below $66 against the US dollar.
- The price is now trading below $65 and the 100-hour moving average.
- There was a break below a bullish trendline with support at $66 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could extend losses if it falls below the $63 zone.
Solana price drops again
Solana price failed to stay above $67 and started a downward correction just like Bitcoin and Ethereum. SOL fell below USD 66 and USD 65 and entered a bearish zone for the short term.
There was a move below the 50% Fib retracement level of the upwave from the $60.12 swing low to the $67.90 high. There was a break below a bullish trendline with support at $66 on the hourly chart of the SOL/USD pair. The price even tested the support at $63.20.
Solana is now trading below $65 and the 100-hour moving average. On the upside, the price is facing resistance around the $65 level. The next major resistance is around the $66 level. The key resistance could be at $67.20. A successful close above the $67.20 resistance zone could set the pace for another steady rise. The next major resistance is $68. Any further gains could send the price towards the USD 70 level.
Disadvantage: Break in SOL?
If SOL fails to rise above the $66 resistance, it could trigger another decline. Initial downside support is near the $63.10 zone and the 61.8% Fib retracement level of the upward wave from the $60.12 swing low to the $67.90 high. The first major support is near the $62.20 level.
A break below the USD 62.20 level could send the price towards the USD 60 support zone. If there is a close below the $60 support, the price could fall towards the $55 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major support levels – $63.10 and $62.50.
Major resistance levels – $65.00 and $67.20.