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Tuesday, January 31, 2023
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    HomeMarketWhy SOL Could Dive Another 50%

    Why SOL Could Dive Another 50%

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    Solana is accelerating decrease under $12 and $10 ranges towards the US Greenback. SOL worth stays at a threat of a transfer in direction of the $7.50 and $7.00 ranges.

    • Sol worth is struggling and buying and selling nicely under the $12 degree towards the US Greenback.
    • The value is now buying and selling under $10 and the 100 easy shifting common (4-hours).
    • There’s a main bearish pattern line forming with resistance close to $10.55 on the 4-hours chart of the SOL/USD pair (information supply from Kraken).
    • The pair might face a robust promoting curiosity close to $10.55 and $12 within the coming days.

    Solana Worth Good points Bearish Momentum

    This month, solana worth noticed a robust decline from the $15 resistance zone. There was a drop under the $13.50 and $12 assist ranges to maneuver right into a bearish zone once more.

    Sol worth even dumped under the $10 degree and the 100 easy shifting common (4-hours). The value traded as little as $9.66 and is presently consolidating losses. There are clear sturdy bearish indicators under the $10 degree, in contrast to bitcoin and ethereum.

    In addition to, there’s a main bearish pattern line forming with resistance close to $10.55 on the 4-hours chart of the SOL/USD pair. On the upside, a right away resistance is close to the $10.55 degree and the pattern line.

    The primary main resistance is close to the $11 degree. It’s near the 23.6% Fib retracement degree of the primary drop from the $14.95 swing excessive to $9.66 low. The following main resistance is close to the $12 zone, above which the worth would possibly rise in direction of the 100 easy shifting common (4-hours).

    Solana Price SOL

    Supply: SOLUSD on TradingView.com

    The 50% Fib retracement degree of the primary drop from the $14.95 swing excessive to $9.66 low can also be close to $12.30 to behave as a robust resistance. Any extra beneficial properties would possibly ship the worth in direction of the $15 degree.

    Extra Losses in SOL?

    If SOL fails to clear the $10.55 resistance, it might proceed to maneuver down. An preliminary assist on the draw back is close to the $9.65 degree.

    The primary main assist is close to the $9.20 degree. The following main assist is close to the $8.20 degree. If there’s a draw back break under the $8.20 assist, the bears would possibly even push the worth under $7.50.

    Technical Indicators

    4-Hours MACD – The MACD for SOL/USD is gaining tempo within the bearish zone.

    4-Hours RSI (Relative Energy Index) – The RSI for SOL/USD is presently under the 50 degree.

    Main Assist Ranges – $9.65, $9.20 and $8.20.

    Main Resistance Ranges – $10.55, $11 and $12.



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