The Solana price has fallen about 40% since last week. Will the Solana price fall even lower now?
Solana price could correct to 18 USD
Solana Price Chart by Tradingview
The Solana price broke the support at around $ 35 bearish and thus moves towards the support between $ 18 -22. This is the price range between the high point in February 2021 and the low point in July 2021, just before the immense bull run had begun.
At this support, the SOL price could bounce very strongly to rise to the next resistance between around 48 and 58 USD.
In the daily chart there are chances of a bullish divergence
Solana Price Chart by Tradingview
In the daily chart, there are chances of a bullish divergence in the RSI for the Solana price. The bullish divergence could occur simultaneously with the achievement of the price range between 18 – 22 USD. This would make a bullish bounce at the support between 18 – 22 USD even more likely. Solana could then double in the course in no time.
Apart from the bullish opportunities, the indicators are clearly bearish. The EMAs are still in a bearish death cross, the MACD’s histogram is ticking lower and the MACD lines are on the verge of a bearish crossover.
Can the Solana price fall lower than 18 USD?
Solana Price Chart by Tradingview
If the SOL price breaks the support between 18 – 22 USD bearishly, it could even return to the high point from 2020. This is just below the $ 5.00 mark. However, the RSI is gradually reaching oversold regions on the weekly chart and so far the histogram is ticking even bullish higher, although this could change over the course of the week.
Overall, the chances are good that Solana will bounce strongly on the support between 18 – 22 USD.
Against BTC, Solana continues the downtrend
Solana Price Chart by Tradingview
Solana is also continuing its downtrend against BTC. In addition, the MACD is clearly bearish on the weekly chart, because the histogram ticks bearishly lower and the MACD lines are crossed bearishly. Here, too, the RSI is gradually reaching oversold regions.
Solana finds the next support at around 0.001 BTC. If Solana breaks this bearish, Solana will only wait for support again at around 0.0007 BTC. Towards the top, significant resistance is already waiting for Solana at around 0.0013 BTC.
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