The price of Solana is descending from the resistance level of $115. The price of SOL is exhibiting a few negative signals and may have a significant decrease down below the $68 support level.
After breaking through the $115 barrier level against the US Dollar, the price of SOL began a new downward trend.
At this moment, the price is trading below both the 100 simple moving average and the $100 threshold.
On the four-hour chart of the SOL/USD pair, there is a significant negative trend line that is forming along with resistance close to $92).
It is possible that the pair will continue to trade downward approaching the support level of $80 or possibly $68.
A downward correction has begun for the Solana price.
Following a consistent rise, bulls in Solana had a difficult time breaking over the $115 resistance level. Following the formation of a short-term peak, the price of SOL began a new drop below the $105 support level.
Below the pivot level of $100, there was a consistent reduction in price. The bears were successful in driving the price down below the 50% Fibonacci retracement level of the upward run that occurred from the swing low of $71 to the high of $108. A few negative indicators are now being shown by the market, which originate from the $115 barrier zone, similar to Bitcoin and Ethereum.
Now, the price of SOL is trading below $95 and the simple moving average of 100 for the last four hours. On the four-hour chart of the SOL/USD pair, there is also a significant negative trend line that is on the verge of forming with resistance close to $92.
Within the vicinity of the trend line and the $92 level, there is immediate resistance in the event that there is a new advance. The first significant obstacle is located close to the $100 level or the 100 simple moving average for a period of four hours. Now, the primary resistance is located close around $105. If the price is able to close safely above the $105 resistance level, it may lay the stage for yet another significant surge. Next, the main resistance is located close to $115. Should there be any more advances, the price may go closer to the $125 mark.
Greater Losses in the SOL?
There is a possibility that SOL may continue to decline if it is unable to rise above the $92 resistance level. Near the $80 level is where first support on the downside might be found.
There is a significant degree of support close to the $72 level, and if the price falls below that level, it may test $68. It is possible that the price may fall toward the $50 support in the near future if there is a close that is lower than the $68 support.
Indexes of Technical Concern
The four-hour moving average convergence divergence (MACD) for the SOL/USD pair is moving in the direction of a negative zone.
According to the 4-hour Relative Strength Index (RSI), the SOL/USD pair's RSI is now trading below the 50 mark.
There are two major support levels: $80 and $68.
Major levels of resistance are $92, $100, and $105, respectively.
