{"id":30925,"date":"2023-10-13T04:52:40","date_gmt":"2023-10-13T08:52:40","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=30925"},"modified":"2023-10-13T04:52:40","modified_gmt":"2023-10-13T08:52:40","slug":"sol-price-prediction-will-correction-trend-push-solana-under-20","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/13\/sol-price-prediction-will-correction-trend-push-solana-under-20\/","title":{"rendered":"SOL Price Prediction: Will Correction Trend Push Solana Under $20?"},"content":{"rendered":"

Solana is correcting gains from the $25 resistance against the US Dollar. SOL price could accelerate lower if there is a break below the $21 support.<\/em><\/p>\n

SOL price started a fresh decline after it failed to clear the $25 resistance against the US Dollar.
\nThe price is now trading below $22.00 and the 100 simple moving average (4 hours).
\nThere is a key bearish trend line forming with resistance near $22.00 on the 4-hour chart of the SOL\/USD pair (data source from Kraken).
\nThe pair could break the $21 support and accelerate lower toward $18.80.<\/p>\n

Solana Price Visits Key Support<\/h2>\n

After a steady increase, Solana struggled to clear the $25 resistance zone. SOL formed a high at $24.77 and recently started a fresh decline.<\/p>\n

There was a move below the $24.00 and $23.50 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $18.75 swing low to the $24.77 high. There is also a key bearish trend line forming with resistance near $22.00 on the 4-hour chart of the SOL\/USD pair.<\/p>\n

SOL is now trading below $22.00 and the 100 simple moving average (4 hours). It is also showing bearish signs below $22, like Bitcoin<\/a> and Ethereum<\/a>.<\/p>\n

However, the bulls are now protecting the $21.00 support. It is near the 61.8% Fib retracement level of the upward move from the $18.75 swing low to the $24.77 high. On the upside, immediate resistance is near the $22.00 level and the trend line.<\/p>\n

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

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

The first major resistance is near the $22.50 level. A clear move above the $22.50 resistance might send the price toward the $23.50 resistance. The next key resistance is near $24.00. Any more gains might send the price toward the $25.00 level.<\/p>\n

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

If SOL fails to recover above the $22.00 resistance, it could continue to move down. Initial support on the downside is near the $21.00 level.<\/p>\n

The first major support is near the $20.30 level. If there is a close below the $20.00 support, the price could decline toward the $20.00 support. In the stated case, there is a risk of more downsides toward the $18.80 support in the near term.<\/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 $21.00, and $20.30.<\/p>\n

Major Resistance Levels \u2013 $22.00, $22.50, and $24.00.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Solana is correcting gains from the $25 resistance against the US Dollar. SOL price could accelerate lower if there is a break below the $21 support.<\/em><\/p>\n

SOL price started a fresh decline after it failed to clear the $25 resistance against the US Dollar.
\nThe price is now trading below $22.00 and the 100 simple moving average (4 hours).
\nThere is a key bearish trend line forming with resistance near $22.00 on the 4-hour chart of the SOL\/USD pair (data source from Kraken).
\nThe pair could break the $21 support and accelerate lower toward $18.80.<\/p>\n

Solana Price Visits Key Support<\/h2>\n

After a steady increase, Solana struggled to clear the $25 resistance zone. SOL formed a high at $24.77 and recently started a fresh decline.<\/p>\n

There was a move below the $24.00 and $23.50 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $18.75 swing low to the $24.77 high. There is also a key bearish trend line forming with resistance near $22.00 on the 4-hour chart of the SOL\/USD pair.<\/p>\n

SOL is now trading below $22.00 and the 100 simple moving average (4 hours). It is also showing bearish signs below $22, like Bitcoin<\/a> and Ethereum<\/a>.<\/p>\n

However, the bulls are now protecting the $21.00 support. It is near the 61.8% Fib retracement level of the upward move from the $18.75 swing low to the $24.77 high. On the upside, immediate resistance is near the $22.00 level and the trend line.<\/p>\n

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

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

The first major resistance is near the $22.50 level. A clear move above the $22.50 resistance might send the price toward the $23.50 resistance. The next key resistance is near $24.00. Any more gains might send the price toward the $25.00 level.<\/p>\n

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

If SOL fails to recover above the $22.00 resistance, it could continue to move down. Initial support on the downside is near the $21.00 level.<\/p>\n

The first major support is near the $20.30 level. If there is a close below the $20.00 support, the price could decline toward the $20.00 support. In the stated case, there is a risk of more downsides toward the $18.80 support in the near term.<\/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 $21.00, and $20.30.<\/p>\n

Major Resistance Levels \u2013 $22.00, $22.50, and $24.00.<\/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-30925","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\/30925","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=30925"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30925\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30925"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}