{"id":23000,"date":"2023-05-01T05:53:08","date_gmt":"2023-05-01T09:53:08","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=23000"},"modified":"2023-05-01T05:53:08","modified_gmt":"2023-05-01T09:53:08","slug":"sol-price-prediction-solana-drops-but-its-too-early-to-say-bulls-have-given-up","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/01\/sol-price-prediction-solana-drops-but-its-too-early-to-say-bulls-have-given-up\/","title":{"rendered":"SOL Price Prediction: Solana Drops But It\u2019s Too Early to Say Bulls Have Given Up"},"content":{"rendered":"

Solana started a downside correction from $24 against the US Dollar. SOL price might start a fresh increase if it stays above the $21.50 support.<\/em><\/p>\n

SOL price is correcting lower from the $24 resistance against the US Dollar.
\nThe price is now trading below $23.50 and the 100 simple moving average (4 hours).
\nThere was a break above a major bearish trend line with resistance near $22.50 on the 4-hour chart of the SOL\/USD pair (data source from Kraken).
\nThe pair could start a fresh increase if it stays above the $21.50 support.<\/p>\n

Solana Price Remains Supported<\/h2>\n

This past week, Solana\u2019s price formed a base above the $20.50 level. SOL started a fresh increase and was able to clear the $21.50 resistance. There was a break above a major bearish trend line with resistance near $22.50 on the 4-hour chart of the SOL\/USD pair.<\/p>\n

However, the bears were active near the $24 resistance. A high is formed near $23.99 and the price is now correcting gains, similar to Bitcoin<\/a> and Ethereum<\/a>.<\/p>\n

SOL declined below the $23.50 and $23.00 levels. There was a drop below the 50% Fib retracement level of the upward move from the $20.39 swing low to the $23.99 high. It is now trading below $23.50 and the 100 simple moving average (4 hours).<\/p>\n

<\/a><\/p>\n

Source: SOLUSD on TradingView.com<\/a><\/p>\n

On the upside, immediate resistance is near the $22.50 level. The next major resistance is near the $23 zone and the 100 simple moving average (4 hours). A close above the $23 level could resend the price toward the $24 resistance zone. Any more gains might send the price toward the $25 level.<\/p>\n

More Losses in SOL?<\/h2>\n

If SOL fails to clear the $23 resistance, it could continue to move down. Initial support on the downside is near the $21.75 level or the 61.8% Fib retracement level of the upward move from the $20.39 swing low to the $23.99 high.<\/p>\n

The first major support is near the $21.50 level, below which the bears might gain strength. In the stated case, the price may perhaps decline toward the $20.40 support. The next major support is near the $20 level.<\/p>\n

Technical Indicators<\/p>\n

4-Hours MACD \u2013 The MACD for SOL\/USD is gaining pace in the bearish zone.<\/p>\n

4-Hours RSI (Relative Strength Index) \u2013 The RSI for SOL\/USD is below the 50 level.<\/p>\n

Major Support Levels \u2013 $21.75, $21.50, and $20.00.<\/p>\n

Major Resistance Levels \u2013 $22.50, $23, and $24.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Solana started a downside correction from $24 against the US Dollar. SOL price might start a fresh increase if it stays above the $21.50 support.<\/em><\/p>\n

SOL price is correcting lower from the $24 resistance against the US Dollar.
\nThe price is now trading below $23.50 and the 100 simple moving average (4 hours).
\nThere was a break above a major bearish trend line with resistance near $22.50 on the 4-hour chart of the SOL\/USD pair (data source from Kraken).
\nThe pair could start a fresh increase if it stays above the $21.50 support.<\/p>\n

Solana Price Remains Supported<\/h2>\n

This past week, Solana\u2019s price formed a base above the $20.50 level. SOL started a fresh increase and was able to clear the $21.50 resistance. There was a break above a major bearish trend line with resistance near $22.50 on the 4-hour chart of the SOL\/USD pair.<\/p>\n

However, the bears were active near the $24 resistance. A high is formed near $23.99 and the price is now correcting gains, similar to Bitcoin<\/a> and Ethereum<\/a>.<\/p>\n

SOL declined below the $23.50 and $23.00 levels. There was a drop below the 50% Fib retracement level of the upward move from the $20.39 swing low to the $23.99 high. It is now trading below $23.50 and the 100 simple moving average (4 hours).<\/p>\n

<\/a><\/p>\n

Source: SOLUSD on TradingView.com<\/a><\/p>\n

On the upside, immediate resistance is near the $22.50 level. The next major resistance is near the $23 zone and the 100 simple moving average (4 hours). A close above the $23 level could resend the price toward the $24 resistance zone. Any more gains might send the price toward the $25 level.<\/p>\n

More Losses in SOL?<\/h2>\n

If SOL fails to clear the $23 resistance, it could continue to move down. Initial support on the downside is near the $21.75 level or the 61.8% Fib retracement level of the upward move from the $20.39 swing low to the $23.99 high.<\/p>\n

The first major support is near the $21.50 level, below which the bears might gain strength. In the stated case, the price may perhaps decline toward the $20.40 support. The next major support is near the $20 level.<\/p>\n

Technical Indicators<\/p>\n

4-Hours MACD \u2013 The MACD for SOL\/USD is gaining pace in the bearish zone.<\/p>\n

4-Hours RSI (Relative Strength Index) \u2013 The RSI for SOL\/USD is below the 50 level.<\/p>\n

Major Support Levels \u2013 $21.75, $21.50, and $20.00.<\/p>\n

Major Resistance Levels \u2013 $22.50, $23, and $24.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-23000","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/23000","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=23000"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/23000\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=23000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=23000"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=23000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}