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Vikram
May 4, 2022
by Vikram

SOL Technical Analysis: Sellers Ready To Ambush $80

SOL
SOL prices struggle to cushion the ongoing downfall as the selling pressure grows and teases a potential fall below the $80 mark.

Key technical points:

  • SOL market price falls under $100.

  • The daily candle shows a growth of 1.96%.

  • The 24-hour trading volume of Solana is $1.034 Billion, reflecting a fall of 11%. 

    • Past Performance of SOL

    SOL prices fall drastically after the recent rejection from the resistance trendline resulting in a fall below all the crucial daily EMAs and the psychological barrier at $100. The downfall continues to a sideways trend after the bearish candle formed on 30th April breached the $90 mark.

    SOL/USD TradingView Chart

    SOL Technical Analysis 

    SOL price action shows a consolidation phase ready to continue the bearish trend and hammer the $80 support level. Hence, traders can find selling opportunities as the market price crosses below the $80 mark.

    The crucial daily EMAs move with high selling pressure areas as they maintain a bearish alignment. Moreover, the EMAs have a history of providing dynamic resistance to keep bullish growth in check.

    The MACD and signal lines continue to fall within the negative territory with a constant bearish spread as the downtrend continues. Thus, the indicator suggests the possibility of an $80 fallout.

    The RSI value continues to fall within the nearly oversold territory as the bullish attempts to surpass the halfway line fails. Moreover, the 14-day SMA continues to put bearish influence and keeps the bullish growth in check.

    In a nutshell, SOL technical analysis shows a high likelihood of a downfall below the $80 mark.

    Upcoming Trend 

    SOL coin price experiences high selling pressure as the bullish attempts to recover the market price keeps getting canceled at the resistance trendline. Hence, the fallout of $80 will mark a selling opportunity for traders to rise a 30% deflationary trend till the next support level at $50.

    Support Levels: $80 and $50

    Resistance Levels: $100 and $125

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    SOL Technical Analysis: Sellers Ready To Ambush $80
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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