Cryptocurrency analysts predict a sharp drop in Solana cryptocurrency

Over the past week, Solana has made several attempts to overcome resistance at $ 22. However, the virtual coin failed to reach the desired performance.

As with bitcoin and ethereum, SOL has a new bearish reaction below the $ 21.2 support level. Importantly, the news from the FTX crypto exchange about the possible sale of SOL also put significant pressure on the bulls. As a result, the price has gained bearish momentum and is trading below the $ 20.00 support level.

Finally, SOL found support at $ 17.80. A low was formed at $ 17.78, and the price is now consolidating losses.

In addition, a major bearish trend line is forming on the 4-hour chart of the SOL/USD pair with resistance at $ 19.20. On the other hand, the immediate resistance is near the $ 18.50 level, or the 23.6% Fibonacci retracement level — from the downward movement of the high of $ 20.59 to the low of $ 17.78.

The first major support is at $ 17.2. If it closes below this level, the price of SOL could drop to $ 16.50. In this case, there is a risk of a further decline to the $ 15 support level in the short term.

Technical indicators

• 4-hour RSI (Relative Strength Index) — RSI for SOL/USD is below the level of 50.
• The main support levels are $ 17.80 and $ 17.20.
• The main resistance levels are $ 19.20, $ 20.00, and $ 22.00.

At the time of writing, SOL is trading at $ 18.21, which is 1.77% lower than yesterday. The market capitalization of the virtual coin amounted to $ 7.48 billion, and traders made daily trading deals worth $ 371.94 million.