{"id":173395,"date":"2023-10-13T10:11:56","date_gmt":"2023-10-13T04:41:56","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=173395"},"modified":"2023-10-13T10:11:56","modified_gmt":"2023-10-13T04:41:56","slug":"will-correction-trend-push-solana-under-20-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/will-correction-trend-push-solana-under-20-crypto-news\/","title":{"rendered":"Will Correction Trend Push Solana Under $20? &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><em>Solana is correcting gains from the $25 resistance against the US Dollar. SOL price could accelerate lower if there is a break below the $21 support.<\/em><\/p>\n<ul>\n<li>SOL price started a fresh decline after it failed to clear the $25 resistance against the US Dollar.<\/li>\n<li>The price is now trading below $22.00 and the 100 simple moving average (4 hours).<\/li>\n<li>There is a key bearish trend line forming with resistance near $22.00 on the 4-hour chart of the SOL\/USD pair (data source from Kraken).<\/li>\n<li>The pair could break the $21 support and accelerate lower toward $18.80.<\/li>\n<\/ul>\n<h2>Solana Price Visits Key Support<\/h2>\n<p>After a steady increase, Solana struggled to clear the $25 resistance zone. SOL formed a high at $24.77 and recently started a fresh decline.<\/p>\n<p>There was a move below the $24.00 and $23.50 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $18.75 swing low to the $24.77 high. There is also a key bearish trend line forming with resistance near $22.00 on the 4-hour chart of the SOL\/USD pair.<\/p>\n<p>SOL is now trading below $22.00 and the 100 simple moving average (4 hours). It is also showing bearish signs below $22, like <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-holds-ground-26500\/\">Bitcoin<\/a> and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-price-plunge-imminent-1440\/\">Ethereum<\/a>.<\/p>\n<p>However, the bulls are now protecting the $21.00 support. It is near the 61.8% Fib retracement level of the upward move from the $18.75 swing low to the $24.77 high. On the upside, immediate resistance is near the $22.00 level and the trend line.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Solana-1.png?resize=1024%2C468\"><\/a><\/p>\n<p>Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/SOLUSD\/\">SOLUSD on TradingView.com<\/a><\/p>\n<p>The first major resistance is near the $22.50 level. A clear move above the $22.50 resistance might send the price toward the $23.50 resistance. The next key resistance is near $24.00. Any more gains might send the price toward the $25.00 level.<\/p>\n<h2>More Losses in SOL?<\/h2>\n<p>If SOL fails to recover above the $22.00 resistance, it could continue to move down. Initial support on the downside is near the $21.00 level.<\/p>\n<p>The first major support is near the $20.30 level. If there is a close below the $20.00 support, the price could decline toward the $20.00 support. In the stated case, there is a risk of more downsides toward the $18.80 support in the near term.<\/p>\n<p>Technical Indicators<\/p>\n<p>4-Hours MACD \u2013 The MACD for SOL\/USD is gaining pace in the bearish zone.<\/p>\n<p>4-Hours RSI (Relative Strength Index) \u2013 The RSI for SOL\/USD is below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $21.00, and $20.30.<\/p>\n<p>Major Resistance Levels \u2013 $22.00, $22.50, and $24.00.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Solana is correcting gains from the $25 resistance against the US Dollar. SOL price could accelerate lower if there is a break below the $21 support. SOL price started a fresh decline after it failed to clear the $25 resistance against the US Dollar. The price is now trading below $22.00 and the 100 simple [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":173396,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-173395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173395","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=173395"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173395\/revisions"}],"predecessor-version":[{"id":173397,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173395\/revisions\/173397"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/173396"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=173395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=173395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=173395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}