{"id":33221,"date":"2023-11-27T05:52:52","date_gmt":"2023-11-27T09:52:52","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=33221"},"modified":"2023-11-27T05:52:52","modified_gmt":"2023-11-27T09:52:52","slug":"sol-price-solana-close-below-50-could-spark-larger-degree-correction","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/27\/sol-price-solana-close-below-50-could-spark-larger-degree-correction\/","title":{"rendered":"SOL Price (Solana) Close Below $50 Could Spark Larger Degree Correction"},"content":{"rendered":"

Solana rallied above the $65 resistance against the US Dollar. SOL price is now correcting gains and might even slide below the $50 support.<\/em><\/p>\n

SOL price started a major rally above the $60 resistance before the bears appeared against the US Dollar.
\nThe price is now trading below $60 and the 100 simple moving average (4 hours).
\nThere 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).
\nThe pair could accelerate lower below the $55.00 support zone in the coming sessions.<\/p>\n

Solana Price Starts Downside Correction<\/h2>\n

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<\/a> and Ethereum<\/a>.<\/p>\n

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.<\/p>\n

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).<\/p>\n

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.<\/p>\n

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

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

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.<\/p>\n

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

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.<\/p>\n

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.<\/p>\n

Technical Indicators<\/p>\n

4-Hours MACD \u2013 The MACD for SOL\/USD is losing pace in the bullish 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 $55.00, and $51.20.<\/p>\n

Major Resistance Levels \u2013 $60.00, $62.00, and $68.50.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Solana rallied above the $65 resistance against the US Dollar. SOL price is now correcting gains and might even slide below the $50 support.<\/em><\/p>\n

SOL price started a major rally above the $60 resistance before the bears appeared against the US Dollar.
\nThe price is now trading below $60 and the 100 simple moving average (4 hours).
\nThere 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).
\nThe pair could accelerate lower below the $55.00 support zone in the coming sessions.<\/p>\n

Solana Price Starts Downside Correction<\/h2>\n

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<\/a> and Ethereum<\/a>.<\/p>\n

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.<\/p>\n

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).<\/p>\n

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.<\/p>\n

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

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

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.<\/p>\n

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

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.<\/p>\n

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.<\/p>\n

Technical Indicators<\/p>\n

4-Hours MACD \u2013 The MACD for SOL\/USD is losing pace in the bullish 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 $55.00, and $51.20.<\/p>\n

Major Resistance Levels \u2013 $60.00, $62.00, and $68.50.<\/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-33221","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\/33221","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=33221"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33221\/revisions"}],"predecessor-version":[{"id":33227,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33221\/revisions\/33227"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=33221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=33221"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=33221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}