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Solana price drops to Fib level at 170 USD



The Solana price hit the correction target of USD 170 and rebounded strongly from this support. What's next


Solana price forecast in retrospect

On November 14, 2021, we wrote about the Solana price forecast : “A massive bearish divergence in the RSI is also becoming apparent in the weekly price. In addition, the MACD's histogram ticks bearishly lower here as well. Should the SOL price fall below the support at USD 200, it will not find strong support again until around USD 170. "


On November 19, 2021 we summarized: “ Basically, Solana could correct up to the golden ratio at around USD 170 . At USD 220 and around USD 230, Solana already encounters significant resistance. "


Solana course corrected to 170 USD - is a red December looming?

The Solana price fell to exactly $ 170 this month, which means that Solana could form a red monthly candle for the first time in seven months. However, there are still more than three weeks left, so Solana could well resume its uptrend and end the correction.


The bearish rejection at the resistance was followed by a fall

After drawing attention to the massive bearish divergence on November 14th that could cause Solana to return to USD 170, Solana was able to rise a little again as Solana bounced off the correction target at USD 170. However, it remains to be seen whether the correction has already been completed. Finally, the MACD is extremely bearish in the weekly rate. Should Solana break through the important support at 170 USD, the SOL price will only find support again at around 140 USD and around 110 USD.


What has to happen for the Solana course to rise again?

On the announcement of Solana's correction phase, we wrote on November 19th that Solana had a short-term chance to rise after previously hitting USD 186. Solana found resistance at USD 220-230 and Solana actually closed below USD 234, which resulted in a bearish rejection at said resistance. Solana then returned to the golden ratio at USD 170, bounced off it and is currently finding significant resistance at around USD 205. If Solana breaks this, he will find the next Fibonacci resistance at around USD 230. In order for Solana to initiate a trend reversal and rise again, Solana should first break the Fib level at USD 205.


Death Cross in the 4H chart confirms correction phase for the SOL course

There was now a death cross in the 4H chart, which basically confirms the bear trend. However, the MACD is clearly bullish and the death cross could be directly negated in the course of a bullish breakout.


Against Bitcoin, the 50-day EMA serves as a significant support

Against Bitcoin , the Solana price finds significant support at the 50-day EMA, which is currently crossing the 0.382 Fib level at 0.0036 BTC. Otherwise, Solana finds resistance at around 0.046 BTC.

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