Solana wants to see the euro rise above the $19.00 barrier against the US dollar. To begin a new increase, the SOL price needs to stabilize between $19 and $20.
- Against the US dollar, the SOL price is attempting a positive breakout above the $19 level.
- The price is currently trading below $20 and the 4-hour 100 SMA.
- On the 4-hour chart of the SOL/USD pair (data source from Kraken), a significant negative trend line is developing with resistance located close to $18.80.
- If the pair closes above the trend line and $20, the trend might turn bullish.
Tbh, I want to see the SOLANA ecosystem win,
I just want to see NFT’s win
I want to see creators, builders, passionate mfers win.
I want to see my homies win.
— Jakey (@SolJakey) September 12, 2023
Solana Price Eyes Bullish Breakout
The price of Solana has been falling below the $22 support level for the last three days. To enter more pessimistic territory, SOL even dropped below the $20 mark.
It tested the $17.40 region last. The price has reached a low of $17.37 and is now trying to rise again, much like Bitcoin and Ethereum. A move above the $18.50 resistance area occurred. The price even surged over the 50% Fibonacci retracement level of the decline from the swing high of $20.60 to the low of $17.37.
FTX exchange’s filed a motion to sell and hedge its crypto and convert it to fiat starting Sep. 13.
All eyes on Solana price
— Forexblog (@Forexblog_) September 10, 2023
The bears are attempting to prevent a closing over the $19 resistance, though. On the 4-hour chart of the SOL/USD pair, a significant negative trend line is also developing, with resistance located close to $18.80.
The current price of Solana is below $20 and the 4-hour 100 SMA. On the upside, near the $19.00 mark is the first point of resistance. The 100-simple moving average (4 hours), or the $19.40 level, serves as the first significant barrier. It is not far from the 61.8% Fib retracement level of the decline from the swing high of $20.60 to the low of $17.37.
Another Decline in SOL?
If SOL doesn’t stabilize at $19.00 and $19.40, it can begin a new drop. Near $18.10 is where initial support on the downside is located.
Lot of (imo) overconfident and wrong takes on here, but gonna back off on correcting / antagonizing inflooencers anyway. Finding divergences between what people *believe* versus what is *true* is alpha. Aiming to be calm, contrarian, and right.
— ashpool (@solanobahn) September 13, 2023
Near the $17.40 mark, there is the first significant support. The price may fall toward the $16.50 support if there is a closure below the $17.40 support. In the described scenario, there is a chance of further declines in the near future, possibly toward the $15.00 support.
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