As a seasoned financial analyst with extensive experience in the cryptocurrency market, I’m closely monitoring Solana’s (SOL) recent downturn. The persistent bearish sentiment sweeping through its market has led to a significant drop in SOL’s price below the crucial $140 support mark.
The major cryptocurrency platform, Solana, is going through a substantial slump as a prolonged bearish trend takes hold in its market. This downturn, fueled by various contributing factors, has resulted in SOL‘s price plummeting below the $140 mark of support.
The price of Solana has been unstable lately, surpassing crucial support points and suggesting possible further decreases. With pessimistic market feelings prevailing, traders and investors are keeping a watchful eye for any indication of a turnaround or more downward price movements in the coming days.
Technical Indicators Signal Further Losses For Solana
The price of Solana (SOL) on the 4-hour chart is showing signs of another downward trend after a failed attempt to advance. It’s important to mention that the cryptocurrency remains in a bearish phase, as it continues to trade below its 100-day Simple Moving Average (SMA).
The 4-hour RSI of Solana, which is an indicator measuring the strength of price movements, indicates that the cryptocurrency could experience additional downturn since the RSI signal line is attempting to fall below the 50% mark and move toward oversold levels.
Based on the daily price trend as of now, Solana (SOL) remains in a bearish phase, as indicated by its position below the 100-day Simple Moving Average (SMA). Additionally, it appears to be making an effort to continue declining, as suggested by the appearance of a rejection candlestick.
The RSI (Relative Strength Index) indicator signifies that Solana’s (SOL) price might continue to drop since the RSI line is persistently moving below the 50% threshold and is approaching the oversold region. Based on the analysis of both the 4-hour and daily charts, it can be inferred that SOL’s price could potentially decrease further for an extended period.
Potential Scenarios For SOL’s Price Movement
Currently, Solana’s price has dipped below the $140 threshold and is attempting a decline towards the $118 support zone. Should the SOL price fall beneath this support, it could continue its descent to challenge the $99 support and potentially explore lower price points if it drops further than that.
As a researcher, I’ve noticed that if the price of Solana fails to follow the expected downward trend and instead breaks above $140, it will trigger a shift in focus towards the next resistance level at $160. Should this level be breached, we can anticipate further upward movement to challenge the $188 resistance. Additionally, if Solana manages to break through its current support level, there’s potential for a more significant surge, potentially reaching the $205 resistance mark and even setting new highs on the chart.
In the past 24 hours, the cost of SOL has dropped by 0.57%, currently hovering around $133. The cryptocurrency boasts a market value exceeding $61 billion and daily trading volumes surpassing $1.9 billion. Remarkably, there was a notable 12.94% rise in market capitalization within this time frame, despite a decrease of 9.84% in trading volume.
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2024-06-22 18:40