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Solana failed to settle above $102 and extended losses. SOL price is now consolidating losses below $95 and might struggle to start a recovery wave.
- SOL price started a fresh decline below $100 and $95 against the US Dollar.
- The price is now trading below $100 and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $98 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price could start a recovery wave if the bulls defend $90 or $85.
Solana Price Dips Further
Solana price failed to remain stable above $105 and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $100 and $95 support levels.
The price gained bearish momentum below $92. A low was formed at $89, and the price is now consolidating losses with a bearish angle below the 23.6% Fib retracement level of the downward move from the $106 swing high to the $89 low.
Solana is now trading below $95 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $93 level. The next major resistance is near the $97 level or the 50% Fib retracement level of the downward move from the $106 swing high to the $89 low. There is also a key bearish trend line forming with resistance at $98 on the hourly chart of the SOL/USD pair.
The main resistance could be $102. A successful close above the $102 resistance zone could set the pace for another steady increase. The next key resistance is $106. Any more gains might send the price toward the $112 level.
More Losses In SOL?
If SOL fails to rise above the $98 resistance, it could continue to move down. Initial support on the downside is near the $90 zone. The first major support is near the $85 level.
A break below the $85 level might send the price toward the $82 support zone. If there is a close below the $82 support, the price could decline toward the $74 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $90 and $85.
Major Resistance Levels – $98 and $102.
]]>The crypto market saw massive selloffs on Thursday, causing the total market cap to fall more than 1% from $3.04 trillion to $2.98 trillion over the last 24 hours. Over $60 billion was wiped out further during the broader crypto market selloffs. BTC pared earlier gains and fell back to $87K levels, with Friday’s $8.5
The post Crypto Market Selloffs: Here’s Why BTC, ETH, XRP, SOL, HYPE, WLD Falling Suddenly appeared first on CoinGape.
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Bitcoin price started a recovery wave above $90,000. BTC is now consolidating and might soon aim for a move above the $91,500 zone.
- Bitcoin started a recovery wave and climbed toward $92,000.
- The price is trading above $90,000 and the 100 hourly Simple moving average.
- There was a break above a key bearish trend line with resistance at $88,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might continue to move up if it settles above the $91,500 zone.
Bitcoin Price Eyes Steady Gains
Bitcoin price managed to stay above the $86,500 level. BTC formed a base and recently started a recovery wave above the $88,000 resistance zone.
There was a break above a key bearish trend line with resistance at $88,000 on the hourly chart of the BTC/USD pair. The pair surged above the $90,000 level. There was a clear break above the 61.8% Fib retracement level of the downward move from the $92,872 swing high to the $80,595 low.
Bitcoin is now trading above $90,500 and the 100 hourly Simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $92,872 swing high to the $80,595 low.
If the bulls remain in action, the price could face resistance near the $91,500 level. The first key resistance is near the $92,000 level. The next resistance could be $92,500. A close above the $92,500 resistance might send the price further higher. In the stated case, the price could rise and test the $93,750 resistance. Any more gains might send the price toward the $94,500 level. The next barrier for the bulls could be $95,000 and $95,500.
Another Decline In BTC?
If Bitcoin fails to rise above the $92,000 resistance zone, it could start another decline. Immediate support is near the $89,750 level. The first major support is near the $88,500 level.
The next support is now near the $88,000 zone. Any more losses might send the price toward the $86,500 support in the near term. The main support sits at $85,000, below which BTC might accelerate lower in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $89,750, followed by $88,000.
Major Resistance Levels – $92,000 and $92,500.