The price of Solana (SOL) is demonstrating a bearish trend after a recent upward movement brought the cryptocurrency above the $24 mark. This upward move started when the price of SOL formed a base above the $20.50 level, after which a strong bullish trendline forced the price above the $22.50 resistance. In order to continue the upward movement, SOL had to break through the $23 resistance. Unfortunately, the bulls were unable to do this, and the price began to drop. Presently, SOL is trading below $23.50 and the 100 simple moving average (4 hours).

To resume the uptrend and get back to the $24 level, Solana will have to surpass the $23 resistance and the 100 SMA. There are some key resistance points, including the $22.50 and the $23, which will most likely be strongly defended by the bearish forces. Fortunately, if the bears do protect these resistances and push the price down, then the $21.75, $21.50, and $20.00 levels can act as some solid support points.

Analyzing SOL’s technical indicators on the 4-hour chart, it is quite easy to spot the bearish trends. The MACD is currently increasing in the bearish zone and the RSI is tucked firmly below the 50 level. Looking at the overall picture, from the current development of Solana’s price and technical indicators, it seems like the value of the cryptocurrency might continue its bearish trend.



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