Solana (SOL) Price Plunges After Rejection — Can Bulls Save The Day?

Key Takeaways:

• SOL price failed to recover above the $20.20 resistance zone.
• A key bearish trend line is forming with resistance near $19.80 on the 4-hour chart.
• The price could take another hit if it breaks the $19.00 support region.

NEW DELHI (CoinChapter.com) — Solana’s SOL is consolidating above the $19.00 support. The price could start a decent increase if there is a close between $20.20 and $20.50.

Solana (SOL) Price Turns Red

In the last SOL price prediction, we discussed the chances of more downside against the US Dollar. The price remained bearish and steadily declined below the $20.50 support.

There was also a close below the $20.20 level and the 50 simple moving average (blue, 4 hours). However, the bulls seem to be fighting a strong fight near the $19.00 level. Recently, it started an upside correction above the 23.6% Fib retracement level of the downward move from the $22.05 swing high to the $19.03 low.

There was a move above $20.00, but the bears defended gains above $20.50. The Bulls made two attempts to push SOL above $20.50 but failed.

It faced rejection near the 50% Fib retracement level of the downward move from the $22.05 swing high to the $19.03 low. Solana is now moving below the $19.80 level and the 50 simple moving average (blue, 4 hours), like Bitcoin and Ethereum.

Besides, there is a key bearish trend line forming with resistance near $19.80 on the 4-hour chart. On the upside, immediate resistance is near the $19.70 level. The first major resistance is near the trend line.

A clear break above the trend line might send SOL toward the $20.20 resistance. The main resistance sits near the $20.50 level. A successful daily close above the $20.50 resistance could initiate a fresh rally.

The next key resistance is near the $22.00 zone. If there is a clear move above $22.00, Solana could rise toward the $25.00 resistance zone.

More Downsides?

Conversely, SOL might struggle to clear the $20.50 resistance. In this case, the price might continue to move down toward $19.00 support.

A close below $19.00 may send the price further lower toward the $18.00 support. Any more losses may open the doors for a move toward the $17.50 support.

Overall, the SOL price is struggling below the $20.50 resistance. If the bulls fail to protect the $19.00 support, there could be more losses. Conversely, the price might recover toward $22.00.