Over the past 24 hours, SOL crashed by a whopping 18% and is now found in a freefall.
Key Support levels: $23
Key Resistance levels: $37
With Solana losing its key support at $37 a while back, which has now turned into resistance, the price is well on its way to testing the next important level at $23. The sell-off has been sustained and continuous for the past three days with no signs of relief.
Trading Volume: The selling volume is high and constant. Until this changes, it is unlikely for SOL to stop the downtrend.
RSI: The daily RSI already fell under 30 points and is found in the oversold area, but the price keeps going lower. The MACD is a much better indicator when searching for a bottom.
MACD: The daily MACD just completed a bearish cross today. This suggests the downtrend could intensify and that SOL is unlikely to be very close to its bottom just yet.
The bias for SOL is bearish.
Short-Term Prediction for SOL Price
Without any relief in sight, it seems more likely to see Solana test the key support at $23. Should that level stop the current downtrend, then we might see a relief rally. This is also largely dependent on how BTC and ETH perform.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Download MAXBIT Android App, Your best source of all crypto news!
Share this article: