Monday, March 4, 2024

SOL Price Prediction – Why Solana Could See Sharp Downside Thrust

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Solana is moving lower from the $115 resistance. SOL price is showing a few bearish signs and might decline sharply toward the $68 support.

  • SOL price started a fresh decline from the $115 resistance against the US Dollar.
  • The price is now trading below $100 and the 100 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $92 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
  • The pair could continue to move down toward the $80 support or even $68.

Solana Price Starts Downside Correction

After a steady increase, Solana bulls struggled to clear the $115 resistance. SOL price formed a short-term top and started a fresh decline below the $105 support.

There was a steady decline below the $100 pivot level. The bears pushed the price below the 50% Fib retracement level of the upward move from the $71 swing low to the $108 high. The price is now showing a few bearish signs from the $115 resistance zone, like Bitcoin and Ethereum.

SOL is now trading below $95 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $92 on the 4-hour chart of the SOL/USD pair.

SOL Price Prediction

Source: SOLUSD on TradingView.com

If there is a fresh increase, immediate resistance is near the $92 level and the trend line. The first major resistance is near the $100 level or the 100 simple moving average (4 hours). The main resistance is now near $105. A successful close above the $105 resistance could set the pace for another major rally. The next key resistance is near $115. Any more gains might send the price toward the $125 level.

More Losses in SOL?

If SOL fails to rally above the $92 resistance, it could continue to move down. Initial support on the downside is near the $80 level.

The first major support is near the $72 level, below which the price could test $68. If there is a close below the $68 support, the price could decline toward the $50 support in the near term.

Technical Indicators

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

4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $80, and $68.

Major Resistance Levels – $92, $100, and $105.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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