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Vikram
Jun 4, 2022
by Vikram

SOL Technical Analysis: Will The Bearish Downfall Breach $38?

SOL Technical Analysis

Table of contents

  1. SOL Technical Analysis
  2. Upcoming Trend
SOL price action increases selling pressure as the $60 breakout failure puts the sellers back on the pedestal and warns of a downfall under $38.

Key technical points:

  • The SOL market value decreased by 5.69% today at press time.

  • The price action shows a descending triangle pattern.

  • The 24-hour trading volume of Solana is $1.358 Billion, indicating a drop of 18%.

    • Past Performance of SOL

    Following the decline we witnessed in April, the bearish spiral held the SOL prices under immense selling pressure. The bears reduced the market value by 70% over two months, gaining protection at the crucial price of $38. Buyers took advantage of the halt in the downtrend to test the overhead resistance of $60, but the failure of bulls to exceed it led to a descending triangle.

    TradingView Chart

    Source- Tradingview

    SOL Technical Analysis

    Presently, the SOL market price is moving downwards under an upward trendline and is struggling to gain support from $35. Furthermore, the market price remained under all the crucial EMAs and failed to test the 50-day EMA. The RSI slope shows a sideways trend close to the oversold boundary with increasing chances of 14-day SMA fallout. Furthermore, the MACD and signal lines struggle to maintain an uptrend as the bullish spread decreases and warns against a bearish crossover. In a nutshell, SOL technical analysis shows a high likelihood of a downfall cacking under the $38 mark.

    Upcoming Trend

    A drop below the support level of $38 will intensify the bearish spiral, gaining velocity to the next support level at $24. However, the bullish breakout from the resistance trendline could trigger a rally that could reach $50. Thus, traders have to be patient with a candle that breaks out on either side before finding an opening higher than certain thresholds.

    Resistance Levels: $0.40 and $0.50

    Support Levels: $0.30 and $0.18

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    SOL Technical Analysis: Will The Bearish Downfall Breach $38?
    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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