Solana, a leading blockchain platform, is experiencing a significant downturn as a persistent bearish wave sweeps through its market. This decline, driven by a combination of factors, has led to SOL’s price suffering a huge drop below the $140 support mark.
Solana’s price has struggled to find stability, breaking through key support levels and signaling further potential losses. As bearish sentiment continues to dominate, traders and investors are closely monitoring the situation, seeking signs of a possible reversal or additional declines in the near future.
Technical Indicators Signal Further Losses For Solana
On the 4-hour chart, the price of SOL is beginning to decline again after a failed attempt to move upward. It should also be noted here that the digital asset is still actively bearish trading below the 100-day Simple Moving Average (SMA).
The 4-hour Relative Strength Index (RSI) also suggests that Solana may be poised for a further decline as the signal line of the RSI indicator is attempting a reversal below 50% dropping toward the oversold.
From the 1-day chart based on the current price movement, it can be observed that SOL is still actively bearish as it is still trading below the 100-day SMA. It can also be noticed here that it is attempting to start moving downward by dropping a rejection candlestick.
Also, the RSI indicator reveals that SOL’s price may likely decline further as the RSI line is actively trending below 50% heading toward the oversold zone. It is worth noting that from the analysis and technical indicators on both the 4-hour and 1-day chart, it can be suggested that the price of SOL may extend its decline for a while.
Potential Scenarios For SOL’s Price Movement
Presently, Solana has broken below the $140 mark and is attempting a downward move toward the $118 support level. If SOL’s price breaks this level, it will continue to move down to test the $99 support level and may probably move on to test other lows if it breaches below this $99 level.
However, if it fails to move downward as predicted and breaks above the $140 mark, it will start a move toward the $160 resistance level. Should it break above this resistance level, it will continue to move upward to test the $188 resistance level. Furthermore, Solana may witness a higher climb to test the $205 resistance level on the chart if it breaks the above support level and possibly heads on to create a new high.
The price of SOL has decreased by 0.57%, trading at about $133 in the last 24 hours, with a market capitalization of more than $61 billion and a trading volume of more than $1.9 billion as of the time of writing. There has been a 12.94% increase in market capitalization in the last day despite the trading volume being down by 9.84%.
Featured image from Adobe Stock, chart from Tradingview.com
Godspower Owie
My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.
My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.
I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.
When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.
Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.
My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.
Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people – people who make an impact in my life no matter how little it is.
One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I’m so good at it. I am also very good at singing, dancing, acting, fashion and others.
I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone’s life. I don’t chase illusions, I chase dreams.
I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.
I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.