Solana

Bitcoin

Resistance

Solana rallied above the $65 resistance against the US Dollar. SOL price is now correcting gains and might even slide below the $50 support. 
<ul> 
 <li>SOL price started a major rally above the $60 resistance before the bears appeared against the US Dollar.</li> 
 <li>The price is now trading below $60 and the 100 simple moving average (4 hours).</li> 
 <li>There was a break below a short-term rising channel with support near $58.00 on the 4-hour chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could accelerate lower below the $55.00 support zone in the coming sessions.</li> 
</ul> 
<h2 id="solana-price-starts-downside-correction">Solana Price Starts Downside Correction</h2> 
In the past few days, Solana saw a major rally above the $60 level. SOL gained bullish momentum after it settled above $60, outperforming <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-rejection-38k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-correction-1930/" target="_blank" rel="noopener ">Ethereum</a>. 
The bulls even pumped the price above the $65 level. A high was formed near $68.16 and the price recently saw a downside correction. It traded below $60 and tested $52. A low was formed near $51.23 and the price is now consolidating in a range. 
There was a break below a short-term rising channel with support near $58.00 on the 4-hour chart of the SOL/USD pair. SOL is now trading below $60 and the 100 simple moving average (4 hours). 
On the upside, immediate resistance is near the $59.50 level. It is close to the 50% Fib retracement level of the downward move from the $68.16 swing high to the $51.23 low. The first major resistance is near the $60.00 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Solana-2.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-562557" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Solana-2.png?resize=1024%2C468" alt="SOL Price (Solana)" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Solana-2.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Solana-2.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Solana-2.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Solana-2.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Solana-2.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Solana-2.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Solana-2.png?resize=1024%2C468?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/SOLUSD/" target="_blank" rel="noopener nofollow">SOLUSD on TradingView.com</a> 
The main resistance is now near $62 or the 61.8% Fib retracement level of the downward move from the $68.16 swing high to the $51.23 low. A successful close above the $62.00 resistance could set the pace for a larger increase. The next key resistance is near $68.50. Any more gains might send the price toward the $72.00 level. 
<h2 id="more-losses-in-sol">More Losses in SOL?</h2> 
If SOL fails to recover above the $60.00 resistance, it could continue to move down. Initial support on the downside is near the $55.00 level. 
The first major support is near the $51.20 level, below which the price could test $50. If there is a close below the $50 support, the price could decline toward the $45 support in the near term. 
Technical Indicators 
4-Hours MACD – The MACD for SOL/USD is losing pace in the bullish zone. 
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. 
Major Support Levels – $55.00, and $51.20. 
Major Resistance Levels – $60.00, $62.00, and $68.50.

SOL Price (Solana) Close Below $50 Could Spark Larger Degree Correction

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