The Solana price was strongly rejected at the Golden Ratio resistance at around $ 47.5 and could now fall to $ 33.5. Is SOL bouncing off it?
Solana price rose around 85% since SOL had fallen to around 26 USD
Solana Price Chart by Tradingview
The Solana price was able to rise around 85% since Solana had reached the local low point at around 26 USD. However, Solana has now been very strongly rejected at the Golden Ratio resistance at around $ 47.5. Thus, a bullish candlestick formation in the monthly chart remains far away, because for this, the Solana rate would have to stand above $ 45.75 at the turn of the month.
Solana course was rejected at Golden Ratio and fell 25 %
Solana Price Chart by Tradingview
At the Golden Ratio resistance at around $ 47.5, Solana was rejected so strongly that the Solana price has already fallen over 25%. Nevertheless, the MACD’s histogram is still bullish and the MACD lines could still cross bullish.
Solana price could bounce strongly at $33.5
Solana Price Chart by Tradingview
The Solana price could now correct to the Golden Ratio at around 33.5 USD and bounce off very strongly there. Should Solana bounce strongly there, the chances of a continuation of the upward movement would be given. Finally, the Solana course forms a series of higher low points and higher high points. Since reaching the low point at around 26 USD, the SOL price is therefore in a short-term uptrend.
However, if the support does not hold at around $33.5 and Solana forms a lower low, Solana could return to the local low at around $26.
In addition, the MACD is clearly bearish in the daily chart, because the MACD lines have crossed bearishly and the histogram is also ticking bearishly lower. The RSI is neutral.
Also against BTC, Solana could return to the Golden Ratio
Solana Price Chart by Tradingview
The MACD is also clearly bearish against BTC on the daily chart, because the histogram is ticking bearishly lower and the MACD lines are crossed bearishly. Previously, the SOL course was rejected bearishly on the 200-day EMA.
Currently, Solana seems to be breaking the 0.382 Fib support at around 0.00172 BTC bearishly, which could allow Solana to return to the Golden Ratio at around 0.00145 BTC.
If the support does not hold, Solana will find significant support between 0.0013 and 0.00135 BTC at the latest.
