The attempt to surpass the $225 barrier by Solana was unsuccessful, leading to a reduction in its gains. Currently, the price of Solana (SOL) has dropped below $200 and exhibits some indications of a potential downtrend.
- SOL price started a fresh decline after it failed to stay above $220 against the US Dollar.
- The price is now trading below $200 and the 100-hourly simple moving average.
- There is a connecting bearish trend line forming with resistance at $204 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if the bulls clear the $205 zone.
Solana Price Dips Again
The Solana price found it challenging to surpass the $220-$225 area and instead initiated a downward trend, similar to both Bitcoin and Ethereum. A drop occurred below the support levels of $212 and $205.
The cost dropped beneath a significant support level at $200 and reached as low as $196.73. At present, the price is stabilizing after experiencing losses, currently sitting below the 23.6% Fibonacci retracement level following the downward trend from the peak of $223 to the trough of $196.
Currently, Solana’s trading value has dipped under $200 and it’s also below its 100-hour moving average. Additionally, a bearish trend line is emerging on the hourly chart of SOL/USD, with a resistance at around $204. On the upward trajectory, there seems to be resistance at the $204 level.
As a researcher, I’m observing that the upcoming significant resistance lies around the $210 mark or the 50% Fibonacci retracement point of the downward trend from the $223 peak to the $196 trough. This primary resistance might be at $213. Overcoming and closing above the $213 resistance could pave the way for a continuous upward trend. The next significant resistance is projected to be at $225. Any further growth may propel the price towards the $240 level.
Another Decline in SOL?
Should SOL not surpass the $205 barrier, a potential drop might ensue. A preliminary floor may be found at approximately $196. The primary significant support lies around the $188 mark.
Dropping beneath the $180 mark might push the price down towards the $175 region. Should we observe a closing point below the $175 support, there’s a possibility that the price will fall towards the nearby $162 support level.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $196 and $188.
Major Resistance Levels – $205 and $210.
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2025-01-08 08:12