Solana’s recovery will be difficult.

Solana’s value has decreased and is currently below $15 when trading against the US Dollar. It might be difficult for SOL’s value to increase above the resistance levels of $15 and $17.50.

• When trading against the US Dollar, SOL’s value displays bearish signs below the resistance of $20.
• The current trading value is below $15 and the 100 simple moving average (4 hours).
• On the 4-hour chart of the SOL/USD pair (data source from Kraken), there is a significant bearish trend line forming with resistance near $15.25.
• The pair may recover, but the value may not exceed $17.50.

Solana Price Drops 20%

In the past few days, Solana’s value has decreased significantly from well above $20. SOL’s value has experienced a decrease and is now below the support of $17.50.

The bears have gained strength and pushed the value below the $15 support. The value is now showing bearish signs below $15, similar to Bitcoin and Ethereum. A low has been formed near $13.00, and the value is now consolidating losses.

Currently, SOL is trading below $15 and the 100 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $15.25 on the 4-hour chart of the SOL/USD pair. On the upside, immediate resistance is near the $15 level and the trend line.

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The trend line is close to the 23.6% Fib retracement level of the downward move from the $22.32 swing high to the $13.00 low. The next major resistance is near the $16 zone.

Source: SOLUSD on TradingView.com

The main resistance is currently forming near the $17.50 level or the 50% Fib retracement level of the downward move from the $22.32 swing high to the $13.00 low. If the value exceeds the $17.50 level, the price may move towards the $18.80 resistance zone. Further gains may send the value towards the $20 level.

More Losses in SOL?

If SOL fails to exceed the resistance of $17.50, the value may continue to decrease. The initial support on the downside is near the $14.30 level.

The first major support is near the $13.00 level, below which the bears may gain strength. In that case, the value may decline towards the $12.00 support. The next major support is near the $10.50 level.

Technical Indicators

The MACD for SOL/USD is losing pace in the bearish zone when observing the 4-Hours MACD. The RSI for SOL/USD is below the 50 levels when observing the 4-Hours RSI (Relative Strength Index).

Major Support Levels – $14.30 and $13.00

Major Resistance Levels – $15.25, $17.50, and $18.80