Solana (SOL) is experiencing a bearish trend against the US Dollar, with its price struggling and potentially facing further decline. Currently, trading below key levels, such as $20.00 and $20.50, SOL has failed to gain strength to surpass the $22.00 resistance. FTX’s announcement of a possible selling of SOL has added pressure on the bullish sentiment. The price found support near $17.80 after a downward move, but it remains below the 100 simple moving average on the 4-hour chart.
A major bearish trend line has formed with resistance around $19.20. If the price fails to hold above the $17.80 support and closes below it, there is a risk of further downward movement. The immediate support levels are at $17.80 and $17.20, and a break below $17.20 could lead to a decline towards the $16.50 support level. In the worst-case scenario, the price may reach the $15.00 support level in the near future.
On the upside, the resistance levels to watch are $19.20, $20.00, and $22.00. A clear move above $20.00 could potentially propel the price towards the $21.20 resistance and even the $22.00 level.
Technical indicators indicate the bearish momentum of SOL. The 4-hour MACD is in the bearish zone, and the RSI is below the 50 level, suggesting a negative sentiment in the market.
Traders and investors in SOL should closely monitor the price action and key support and resistance levels to assess the potential future movement of the cryptocurrency.
Source: NEWSBTC
