- SOL coin chart shows the 20 EMA and 100 EMA are on the verge of giving a bearish crossover
- The SOL/BTC pair was trading at 0.0008685 BTC with a loss of 5.65%
- The current price of the SOL coin stands at $27, established on the back of a 4.57% decrease in the past 24 hours.
The SOL coin price shows the formation of a descending triangle pattern in the daily time frame. The crucial support of these patterns is the $24.5 mark, which is the same level from where the price bounced after the sudden fall in May and June month. Therefore, if SOL coin gives a breakdown from this level, traders will get an excellent short opportunity in this coin.
Regarding the EMA’s, the SOL coin trading below the crucial EMA’s 20, 50, and 100, indicating a strong bearish trend. In addition, the chart also shows the 20 and 100 EMA are soon to give a bearish crossover, luring more sellers in the market. The 200 EMA moves below the price and will provide strong support for the SOL coin.
The RSI (BEARISH) value is at 28, indicating a bearish sentiment in the coin.
SOL Coin Shows A Falling Parallel Channel Pattern
The SOL coin price is resonating in a falling channel pattern in the 4hr time frame. The pattern can help the SOL coin price to reach the $24.5 crucial support of the above-mentioned descending triangle pattern, providing good short opportunities along the road. Traders can also use the channel pattern to confirm if the price tries to bounce from the $24.5 mark.
The MACD indicator (BEARISH) shows that both the MACD line and signal line move below the neutral zone, indicating bearish momentum in the market. In addition, the lines have also shown a bearish crossover, suggesting a sell signal.
Conclusion: From the technical perspective, the SOL coin shows an overall downtrend in the coin. As mentioned above, the SOL/USD chart also shows a descending triangle pattern, which can bring another wave of a bear attack in this coin. Thus, traders should wait patiently for a strong breakout from this $24.5 support to complete this triangle pattern.