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 moving average (4 hours).
- 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).
- The pair could break the $21 support and accelerate lower toward $18.80.
Solana Price Visits Key Support
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. 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.SOL is now trading below $22.00 and the 100 simple moving average (4 hours). It is also showing bearish signs below $22, like Bitcoin and Ethereum.
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.
