Solana Price Analysis: SOL Crashes 10% Daily, Where’s the Support?


The market is in red, and Solana appears poised to return to a critical support level after losing 10% in the past 24 hours

Key Support levels: $27

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Key Resistance levels: $44

Today’s trading session saw a significant selling pressure which intensified as the day passed and pushed Solana closer to the key support at $27. In the past week, SOL fell by over 25% and today is shaping up as one of the worst days in June. This downtrend started when the price was rejected at $44 which is also the key resistance.

SOLUSDT_2022-06-30_17-02-05
Chart by TradingView

Technical Indicators

Trading Volume: The increasing sell volume is putting pressure on the bulls, which appear gone from the market at this time. We might see a reaction if the price arrives at the key support.

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RSI: The daily RSI is in freefall and has made a lower low at 38 points.

MACD: The daily MACD is on the bullish side, but this is likely to change by tomorrow when a bearish cross could follow. The histogram is losing momentum fast and may turn negative soon.

Bias

The short-term bias for SOL is bearish. This latest price action is about to erase all the gains made earlier in June.

SOLUSDT_2022-06-30_17-01-50
Chart by TradingView

Short-Term Prediction for SOL Price

Solana seems primed to face a test at the $27 key support level. If this is not defended well buy buyers, then the cryptocurrency may end up in a new liquidation cascade that can take it further down.


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