- Solana’s price is still looking inside a descending pattern with reference to the daily price chart.
- Over the past 24 hours, SOL’s market cap has fallen by more than 11% and has recorded a presence of over $13.3 billion, according to CMC.
- Solana coin with bitcoin pair is trading 5.8% down at 0.001328 satoshis.
The Solana coin again hit an annual low of $35 despite several attempts by SOL investors to reverse the trend. Meanwhile, the price behavior of SOL remains inside a descending wedge pattern on the daily price chart.
After yesterday’s sudden rally, Solana investors were again struggling in the retracement phase as the altcoin was trading at the $39.4 mark at the time of writing.
Last week’s Solana outage strengthened the bear cycle inside a declining pattern and dropped it to a May 12 low of $38. However, higher demand pressure below this level pushed the price back, impacting the overhead resistance trendline.
Meanwhile, in the past 24 hours, according to CMC, SOL’s market cap has fallen by more than 11% and has a presence of over $13.3 billion. Moreover, the Solana coin with bitcoin pair is trading down 5.8% at 0.001328 satoshis.
The increase in trading volume reflects volatile trading sessions for SOL speculators. Meanwhile, trading volume increased by 19% compared to the previous night.
Which will be the next support?
The bears turned more aggressive near the 20 EMA, therefore, SOL price again hit a 60-day low. Moreover, the 50 and 100 EMAs are well above SOL’s current price in terms of the daily price chart.
Daily RSI shows turned down and sideways downtrend for Solana coin.
Moreover, the MACD is slowly rising after a bullish crossover and may enter the neutral zone this week.
Conclusion
Buyers have lost their bullish hopes for the Solana (SOL) token after getting rejected several times near the 20 EMA. Hence, there could be a short-covering after retesting the $30 mark.
Support levels – $35 and $30
Resistance level – $60 and $100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.