SOL Price (Solana) Close Below $50 Could Spark Larger Degree Correction
27 November 2023 - 5:34AM
NEWSBTC
Solana rallied above the $65 resistance against the US Dollar. SOL
price is now correcting gains and might even slide below the $50
support. SOL price started a major rally above the $60 resistance
before the bears appeared against the US Dollar. The price is now
trading below $60 and the 100 simple moving average (4 hours).
There was a break below a short-term rising channel with support
near $58.00 on the 4-hour chart of the SOL/USD pair (data source
from Kraken). The pair could accelerate lower below the $55.00
support zone in the coming sessions. Solana Price Starts Downside
Correction In the past few days, Solana saw a major rally above the
$60 level. SOL gained bullish momentum after it settled above $60,
outperforming Bitcoin and Ethereum. The bulls even pumped the price
above the $65 level. A high was formed near $68.16 and the price
recently saw a downside correction. It traded below $60 and tested
$52. A low was formed near $51.23 and the price is now
consolidating in a range. There was a break below a short-term
rising channel with support near $58.00 on the 4-hour chart of the
SOL/USD pair. SOL is now trading below $60 and the 100 simple
moving average (4 hours). On the upside, immediate resistance is
near the $59.50 level. It is close to the 50% Fib retracement level
of the downward move from the $68.16 swing high to the $51.23 low.
The first major resistance is near the $60.00 level. Source: SOLUSD
on TradingView.com The main resistance is now near $62 or the 61.8%
Fib retracement level of the downward move from the $68.16 swing
high to the $51.23 low. A successful close above the $62.00
resistance could set the pace for a larger increase. The next key
resistance is near $68.50. Any more gains might send the price
toward the $72.00 level. More Losses in SOL? If SOL fails to
recover above the $60.00 resistance, it could continue to move
down. Initial support on the downside is near the $55.00 level. The
first major support is near the $51.20 level, below which the price
could test $50. If there is a close below the $50 support, the
price could decline toward the $45 support in the near term.
Technical Indicators 4-Hours MACD – The MACD for SOL/USD is losing
pace in the bullish zone. 4-Hours RSI (Relative Strength Index) –
The RSI for SOL/USD is below the 50 level. Major Support Levels –
$55.00, and $51.20. Major Resistance Levels – $60.00, $62.00, and
$68.50.
Solana (COIN:SOLUSD)
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