- In the daily timeframe, SOL token price has decreased more than 50% after the false breakout.
- The coin price is trading closely with the 50 EMA in the daily timeframe.
- The pair of SOL/BTC is trading at 0.0009538 BTC, with an intraday move of -5.04%.
SOL token price weakness of 50% in weekly timeframe has made an engulfing bearish candlestick with huge selling volume increasing the bearish sentiment of the technical chart. The coin price is starting to close below the consolidation, but the long tail formation indicates that the bulls are fighting for their turn to continue. Today’s live SOL token price is $36.01 with a 24-hour trading volume of $1,424,076,622, an intraday fall of 35.49%. The coin is down almost 5% in the last 24 hours. The ranking of the coin has dropped to #15, with a live market cap of $25,501,177,978.
SOL Token downfall linked back to the bear trap of false breakout
SOL prices have been in a range between $40 to $50 from the end of April. Solana continues to trade just below this range. The coin price may continue to downtrend further due to the increasing spikes in selling volumes, alarming a sell signal. As per the pivot points, SOL token price may find resistance, above the accumulation zone, at the $58 level. The coin price may find support at the $33 and $22 level on the flip side.
However, the end of bearish sentiment might be close as SOL tokens inbound transfers start from today on the Coinbase pro. Trading will start from the 24th of May, 9AM PT, till then traders cannot place orders and no orders will be filled. This might be excellent news to restart the uptrend.
As per the 4-hour timeframe, the coin price is trading just below the 200 EMA(white) with $35 trying to hold up the price. A bearish signal might be generated as 20(red) EMA cuts the 200 EMA from above, and the same might happen with 50 (yellow) and 100 (green) EMA.
The RSI (slightly bearish) indicates bearish momentum while trading at 40. The RSI line is dipped and is now making lower highs, and bearishness can be expected from RSI until it reaches near 35.
The ADX reflects a slight rise in trend momentum due to the recent fallout, and it is trading at 25 while the slope in ADX is slightly increasing.
Conclusion – SOL token price might start a downtrend after the breach of the $35 level. The increasing spikes in selling volume with the rise in trend momentum alarms the sell signal. However, the listing of Coinbase Pro might change the course of trend direction.
Support- $33 and $22
Resistance-$58