The Solana price was rejected in July at the Golden Ratio resistance at around 46 USD and the new month of August starts bearish.
Is the Solana price now correcting to 34 USD?
Solana Price Chart by Tradingview
The Solana price almost corrected to the Golden Ratio support at around $ 34, after SOL was bearishly rejected at the Golden Ratio resistance at around $ 46. As a result, the SOL price rose again to the Golden Ratio resistance at around $ 46, after which Solana was again rejected bearishly.
With this, Solana also formed a lower high point and if Solana should end the correction now, this would be the sixth higher low point in a row. However, if Solana continues the correction, Solana will find significant support at the golden Ratio at around USD 34 at the latest, which Solana could bounce off strongly.
In addition, the MACD is clearly bearish in the daily chart, because the histogram ticks bearishly lower and the MACD lines are crossed bearishly.
MACD is clearly bullish on the weekly chart
Solana Price Chart by Tradingview
In contrast to the daily chart, however, the MACD is clearly bullish on the weekly chart. Because the MACD lines have now crossed bullish and the histogram is ticking bullish higher. Nevertheless, this week is initially very bearish for the SOL course.
However, should SOL overcome the Golden Ratio resistance at around $46, Solana could rise to the next Fibonacci resistance at around $70. On the other hand, if Solana breaks the Golden Ratio support at around USD 34 bearishly, the next significant support is waiting for the SOL price at around USD 26.
August has been bearish so far for the Solana course
Solana Price Chart by Tradingview
Solana could not form a bullish candlestick formation in July on the monthly chart. Instead, the SOL price closed in July well below the opening price of June. Between 26 and 34 USD, strong horizontal support is waiting for the SOL price. If Solana breaks this support, Solana could even fall to around $18.
At the moment, however, there are no signs that Solana is undercutting the low point at around 26 USD. Instead, Solana may bounce strongly against the Golden Ratio at around USD 34.
Against BTC, Solana could now correct to the Golden ratio
Solana Price Chart by Tradingview
Against BTC, the MACD is also clearly bullish on the weekly chart, because the MACD lines are crossed bullish and the histogram ticks bullish higher. Nevertheless, Solana was finally rejected at the 50-week EMA resistance at around 0.000206 BTC. In addition, the 0.382 Fib resistance at around 0.00184 BTC has acted as an insurmountable obstacle over the past five weeks.
Solana is currently at the 0.382 Fib support at around 0.001719 BTC and if this is broken bearishly, the next significant Fibonacci support is waiting at around 0.00145 BTC.
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