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Solana Price Prediction: SOL bearishly rejected at 50-day EMA

 


Solana price is giving both bearish and bullish signs. Although SOL is continuing the downward trend, it is also staying above the USD 30 mark.


Solana Price Prediction: SOL bearishly dismissed again

The last Solana price forecast is about a week ago, in which we wrote: “The Solana price could not break the golden ratio resistance at around USD 36 and thus falls back to the golden ratio support at around USD 32. There, the Solana course could now bounce upwards. Multiple resistances await the SOL course at the USD 36 mark. One is golden ratio resistance, the other is the 50-day EMA and the bearish trendline.”


Solana price was rejected in a bearish manner at the 50-day EMA


Solana price bounced off the support around $32 and then rose to the 50-day EMA around $34 where Solana got a bearish rejection. This leaves the golden ratio untouched at around USD 36.


Furthermore, MACD histogram is ticking bearish lower and MACD lines are about to cross bearishly. Meanwhile, the RSI is neutral.


Solana price is already facing significant Fib resistance at around $33.

SOL price forms both higher lows and lower highs. Furthermore, the EMAs on the 4H chart are still in a bearish death cross, confirming the trend as bearish in the short-term.


The MACD, on the other hand, is showing bullish signs on the 4H chart. So the histogram is ticking bullishly higher and the MACD lines could now cross bullishly. Solana is already finding significant Fib resistance at around USD 33.8.


In the weekly chart, the MACD remains bullish

In the weekly chart, the MACD histogram has been ticking bullishly higher for weeks. In addition, the MACD lines are still bullishly crossed.


Nevertheless, the Solana course could not break out bullishly, but was instead rejected several times at the golden ratio resistances. On the upside, significant Fib resistance is already waiting at around USD 33.8, USD 36 and around USD 46.


On the downside, significant support is still waiting for the SOL course between around USD 26 and USD 30.


The Solana price has remained above the USD 30 mark for months

Despite the multiple bearish rejections at the golden ratio resistances, the low for the year of around USD 26 remained untouched. In fact, the Solana price has been above the USD 30 mark for months, which is a bullish sign.


Because there is an indication that the bearish momentum could dry up and a bottom formation could form.


Against BTC, the SOL price fails to break the Fib resistance around 0.00184 BTC

Against BTC, Solana price fails to break the Fib resistance at around 0.00184 BTC. It is also where the bearish trend line runs, connecting the high points since the end of 2021. If SOL breaks this resistance, the next significant Fib resistance awaits at around 0.0023 BTC.


On the downside, Solana is already finding significant support around 0.00148 BTC. The MACD is clearly bullish in the weekly chart. Because the histogram is ticking bullishly higher and the MACD lines are crossed bullishly.


DISCLAIMER

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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