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Home Market & Analysis

SOL Price Prediction – Why Solana Could See Sharp Downside Thrust

n70products by n70products
January 8, 2024
in Market & Analysis
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SOL Price Prediction – Why Solana Could See Sharp Downside Thrust
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Solana is transferring decrease from the $115 resistance. SOL worth is displaying a number of bearish indicators and may decline sharply towards the $68 help.

  • SOL worth began a recent decline from the $115 resistance in opposition to the US Greenback.
  • The value is now buying and selling under $100 and the 100 easy transferring common (4 hours).
  • There’s a key bearish development line forming with resistance close to $92 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
  • The pair might proceed to maneuver down towards the $80 help and even $68.

Solana Value Begins Draw back Correction

After a gentle improve, Solana bulls struggled to clear the $115 resistance. SOL worth shaped a short-term prime and began a recent decline under the $105 help.

There was a gentle decline under the $100 pivot degree. The bears pushed the worth under the 50% Fib retracement degree of the upward transfer from the $71 swing low to the $108 excessive. The value is now displaying a number of bearish indicators from the $115 resistance zone, like Bitcoin and Ethereum.

SOL is now buying and selling under $95 and the 100 easy transferring common (4 hours). There’s additionally a key bearish development line forming with resistance close to $92 on the 4-hour chart of the SOL/USD pair.

SOL Price Prediction

Supply: SOLUSD on TradingView.com

If there’s a recent improve, rapid resistance is close to the $92 degree and the development line. The primary main resistance is close to the $100 degree or the 100 easy transferring common (4 hours). The primary resistance is now close to $105. A profitable shut above the $105 resistance might set the tempo for one more main rally. The following key resistance is close to $115. Any extra beneficial properties may ship the worth towards the $125 degree.

Extra Losses in SOL?

If SOL fails to rally above the $92 resistance, it might proceed to maneuver down. Preliminary help on the draw back is close to the $80 degree.

The primary main help is close to the $72 degree, under which the worth might take a look at $68. If there’s a shut under the $68 help, the worth might decline towards the $50 help within the close to time period.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining tempo within the bearish zone.

4-Hours RSI (Relative Power Index) – The RSI for SOL/USD is under the 50 degree.

Main Assist Ranges – $80, and $68.

Main Resistance Ranges – $92, $100, and $105.

Disclaimer: The article is offered for instructional functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your personal analysis earlier than making any funding choices. Use data offered on this web site totally at your personal danger.



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Tags: DownsidepredictionPriceSharpSOLSolanaThrust
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