Solana Broke Nearest Support, Important Trading Levels To Watch
Over the previous 24 hours, Solana’s chart showed a 2% decline. Strong bearish pressure has been exerted on the price of SOL over the past 24 hours. The $34 level is currently where the coin has found support. The bears have also grabbed control of the market; during the past 24 hours, Bitcoin has been circling the $20,000 level. On their individual charts, other market movers have also taken a step back. The coin’s technical outlook is still pointing toward downward price movement and suggests that Solana’s price may continue to decline. Market selling pressure has begun to increase, suggesting that the price of SOL may once more decline. The market capitalization of all cryptocurrencies as of right now is $977 billion, down 0.2 per cent from the previous day. Since Solana has already dropped below the $40 level, SOL may now be vulnerable to a further decline.
On the 24-hour chart, SOL was trading at $36. The coin will reach $34 if the price retraces more from its present position. The $38 price level served as overhead resistance for the currency, and if buying strength resumes, SOL may try to retest it SOL might reach $44 on the chart if it is able to hold above the $38 level for a sustained period of time. Solana might quickly fall to $26 if it is unable to maintain its position near its $34 support line. The altcoin’s trading volume was negative, signalling bearishness and heightened selling pressure.
The Solana 24 hour chart’s technical analysis predicts further price declines. As previously stated, there were fewer buyers. Relative Strength Index fell and dropped below the half-line, suggesting that there were more sellers than buyers in the market. According to this interpretation, capital inflows declined. If the pricing stays the same, Solana might experience demand from buyers at the current rate. SOL has been showing a buy signal on the one-day chart even though the bears are in charge.
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