Solana fell below the $20 and $15 levels against the US Dollar. SOL price is now recovering, but upsides might be limited above $15 and $17.
- Sol price traded as low as $10.92 before recovering a few points against the US Dollar.
- The price is now trading below $15 and the 100 simple moving average (4-hours).
- There was a break above a major bearish trend line with a 4 hour chart of the SOL/USD pair (data source by Kraken). Resistance near $12.45.
- The pair might face strong selling interest near $15 and $17 in the coming days.
Solana price is starting a short-term recovery
This month, Solana price saw a strong downward move below the $30 level. There was a strong move below the $25 and $20 support levels.
The Sol price even fell below the $15 mark. Eventually, it found support near $11 and traded as low as $10.92. Recently there has been a small bullish correction similar to Bitcoin and Ethereum. The price was able to climb above the $11.50 and $11.85 levels.
Also, there was a break above a key bearish trend line with resistance near $12.45 on the 4 hour chart of the SOL/USD pair. However, the pair is still trading below $15 and the 100 simple moving average (4-hours).
On the upside, there is immediate resistance near $15 and the 100 simple moving average (4-hours). The next major resistance is near the $17 zone. It is close to the 23.6% Fib retracement level of the main decline from the $38.75 high to $10.92 low.
Source: SOLUSD on TradingView.com
A close above the $17 zone could propel the price towards the $20 level in the short term. Further gains could propel the price towards the $25 level.
SOL falling again?
If SOL fails to clear the $15 resistance, it might start a fresh decline. Initial support on the downside is near the $13.00 level.
The first major support is near the $12 level. The next major support is near $11 or the recent low. If there is a downside break below the $11 support, the bears could even sink the price below $10.
4-hour MACD – BNB/USD MACD is losing pace in the bearish zone.
4-hour RSI (Relative Strength index) – The RSI for BNB/USD is currently above the 50 level.
Major support levels – $13, $12 and $11.
Major resistance levels – $15, $17 and $20.
Source: Crypto News Deutsch