Bearish Wave Hits Solana: SOL Drops Below $140 – More Losses On The Horizon?
22 Juin 2024 - 5:30PM
NEWSBTC
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
Solana (COIN:SOLUSD)
Graphique Historique de l'Action
De Août 2024 à Sept 2024
Solana (COIN:SOLUSD)
Graphique Historique de l'Action
De Sept 2023 à Sept 2024