SOL Price Prediction: Here’s Why Solana’s Recovery Won’t Be Easy

2023-06-15 04:40:20

Solana gained bearish momentum and traded below $15 against the US Dollar. SOL price might now struggle to recover above the $15 and $17.50 resistance levels.

SOL price is showing bearish signs below the $20 resistance against the US Dollar.
The price is now trading below $15 and the 100 simple moving average (4 hours).
There is a major bearish trend line forming with resistance near $15.25 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
The pair could recover but upsides might be limited above $17.50.

Solana Price Drops 20%

In the past few days, Solana’s price started a fresh decline from well above $20. SOL gained bearish momentum and was able to trade below the $17.50 support.

The bears gained strength and pushed the price below the $15 support. The price is now showing bearish signs below $15, similar to Bitcoin and Ethereum. A low is formed near $13.00 and the price is now consolidating losses.

SOL is now trading below $15 and the 100 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $15.25 on the 4-hour chart of the SOL/USD pair. On the upside, immediate resistance is near the $15 level and the trend line.

The trend line is close to the 23.6% Fib retracement level of the downward move from the $22.32 swing high to the $13.00 low. The next major resistance is near the $16 zone.

Source: SOLUSD on TradingView.com

The main resistance is now forming near the $17.50 level or the 50% Fib retracement level of the downward move from the $22.32 swing high to the $13.00 low. A close above the $17.50 level could resend the price toward the $18.80 resistance zone. Any more gains might send the price toward the $20 level.

More Losses in SOL?

If SOL fails to clear the $17.50 resistance, it could continue to move down. Initial support on the downside is near the $14.30 level.

The first major support is near the $13.00 level, below which the bears might gain strength. In the stated case, the price may perhaps decline toward the $12.00 support. The next major support is near the $10.50 level.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is losing pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $14.30, and $13.00.

Major Resistance Levels – $15.25, $17.50, and $18.80.

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