Solana

Bitcoin

Resistance

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<ul> 
 <li>The price fell below the $24.00 and $23.50 levels. Bears pushed the price below the 50% Fib retracement level of the rise from the $18.75 low to $24.77 high.</li> 
 <li>The first major resistance is near $22.50. A clear move above the $22.50 resistance could send the price towards the $23.50 resistance.</li> 
 <li>The initial major support is near $20.30. If there is a close below the $20.30 support, the price might drop towards the $20.00 support.</li> 
</ul> 
<p><strong>Solana’s price failed to initiate an upward move above the $25 resistance level: What does SOL price need for a resurgence?</strong></p> 
<h2 id="strong-solana-price-initiates-decline-from-resistance-level-strong"><strong>Solana Price Initiates Decline from Resistance Level</strong></h2> 
<p><img decoding="async" loading="lazy" class="alignnone size-full wp-image-129736" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/solana-sol-1.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="solana-sol" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/solana-sol-1.webp?w=1920&amp;quality=70&amp;ssl=1 1920w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/solana-sol-1.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/solana-sol-1.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/solana-sol-1.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/solana-sol-1.webp?resize=1536%2C864&amp;quality=70&amp;ssl=1 1536w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/solana-sol-1.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/solana-sol-1.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/solana-sol-1.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/solana-sol-1.webp?w=1392&amp;quality=70&amp;ssl=1 1392w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p> 
<p>After a steady increase, Solana struggled to surpass the $25 resistance area. SOL formed a peak at $24.77 and recently started a new decline.</p> 
<p>The price fell below the $24.00 and $23.50 levels. Bears pushed the price below the 50% Fib retracement level of the rise from the $18.75 low to $24.77 high. Additionally, there is a significant bearish trend line forming with resistance near $22.00 on the 4-hour chart of the SOL/USD pair.</p> 
<p>SOL is currently trading below $22.00 and the 100 simple moving average (4-hour). Like Bitcoin and Ethereum, SOL is showing bearish signs below $22.00.</p> 
<p>However, bulls are currently protecting the $21.00 support. This is close to the 61.8% Fib retracement level of the rise from the $18.75 low to $24.77 high. To the upside, the immediate resistance is near the $22.00 level and close to the trend line.</p> 
<figure id="attachment_129735" aria-describedby="caption-attachment-129735" style="width: 100%" class="wp-caption alignnone">
 <a href="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/sol-usd-4h-13-october.webp?quality=70&amp;ssl=1"><img decoding="async" loading="lazy" class=" td-modal-image wp-image-129735 size-full" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/sol-usd-4h-13-october.webp?resize=696%2C269&amp;quality=70&amp;ssl=1" alt="sol-usd-4h-13-october" width="696" height="269" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/sol-usd-4h-13-october.webp?w=1258&amp;quality=70&amp;ssl=1 1258w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/sol-usd-4h-13-october.webp?resize=300%2C116&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/sol-usd-4h-13-october.webp?resize=1024%2C396&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/sol-usd-4h-13-october.webp?resize=768%2C297&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/sol-usd-4h-13-october.webp?resize=150%2C58&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/sol-usd-4h-13-october.webp?resize=696%2C269&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/sol-usd-4h-13-october.webp?resize=1068%2C413&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></a>
 <figcaption id="caption-attachment-129735" class="wp-caption-text">
  SOL/USD 4H Chart
 </figcaption>
</figure> 
<p>The first major resistance is near $22.50. A clear move above the $22.50 resistance could send the price towards the $23.50 resistance. The next major resistance is around the $24.00 level. Further gains could send the price towards the $25.00 level.</p> 
<h2 id="strong-could-there-be-more-losses-in-sol-strong"><strong>Could There Be More Losses in SOL?</strong></h2> 
<p>If SOL fails to recover above the $22.00 resistance, it might continue to decline. The initial downside support is near $21.00.</p> 
<p>The first major support is near $20.30. If there is a close below the $20.30 support, the price might drop towards the $20.00 support. In this case, there is a short-term risk of more downsides, and the price could drop towards the $18.80 support.</p> 
<p><strong>Technical Indicators</strong></p> 
<ul> 
 <li>4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone.</li> 
 <li>4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is currently below the 50 level.</li> 
 <li>Major Support Levels – $21.00 and $20.30.</li> 
 <li>Major Resistance Levels – $22.00, $22.50, and $24.00.</li> 
</ul> 
<p>The post <a rel="nofollow" href="https://en.coinotag.com/this-support-level-in-solana-price-could-lead-to-further-decline-october-13-sol-analysis/">This Support Level in Solana Price Could Lead to Further Decline! October 13 SOL Analysis</a> appeared first on <a rel="nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p> 
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This Support Level in Solana Price Could Lead to Further Decline! October 13 SOL Analysis

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