SOL Technical Analysis: Will SOL Prices Drop To $25 Before October?

The SOL price chart shows a growing bearish influence over the consolidating trend teasing a potential down three in continuation to the crucial support level of $25. Moreover, the higher price rejection with an evening star pattern supported by the spike in the intraday trading volume displays a stronger bearish side. So, should you consider booking profits early or taking a bearish position?

Key Points:

Source - TradingView

SOL Technical Analysis

The SOL prices took a bearish reversal after failing to sustain above the $45 mark. The price drop takes support at the psychological mark of $30, accounting for a 35% price drop. Currently, the price trend takes a lateral shift slightly above $30, with higher price rejection. Thus, the technical analysis reflects an increase in the selling pressure.

Moreover, the increase in the intraday trading volume supports the evening star pattern formation. Also, the higher price rejection in the bearish candle projects a high possibility of a $30 fallout. The daily candle shows a lower price rejection with a growth of 1.23%, but the 15 hours left on the clock might result in a bearish reversal.

Drop below the $30 mark will result in a price drop to the crucial level of $25, accounting for a 15% price drop. On the other hand, if the SOL price recovers from the $30 level, the buyers may retry to reach the $40 barrier.

Technical Indicators

The daily-RSI slope continues a sideways trend in the nearly oversold zone, slightly above the 14-day SMA, reflecting a neutral position.

Furthermore, the fast and slow lines give a bullish crossover, restarting the positive histogram trend ref. Hence, the technical indicators reflect a minimal increase in the buying pressure.

Resistance Levels - $35 and $40

Support Levels - $30 and $25