- Solana crypto price melted 12.10% in the last 2 days.
- SOL is trading below the 20-day EMA.
According to the technical chart, the Solana price has been in a bullish trend and recorded a 52-week high of $210.18 on March 18, 2024. Recently, the SOL crypto price has extended to the $200 hurdle. On March 18, the price reached the $200 hurdle but failed to sustain and dropped by 20% in just 2 days. It attempted again but sellers were strong enough and dragged down to the 20-day exponential moving average.
On a wider time frame, the Solana (SOL) price has witnessed strong buying pressure and has surged by 820% in the past 6 months. It has shown directional moves and risen by defending the higher lows.
The technical indicators suggest that the SOL price is trading far over the significant moving average indicating the buying pressure. RSI is at 54 which is heading toward the oversold zone. RSI has generated a bearish divergence indicating the bearish forecast.
Solana Crypto Volume vs Price Analysis
From the last week of February, the trading volume jumped by more than 700% in 20 days. But in the last 2 weeks, the trading volume has dropped from $14 Billion to $3.55 billion but the has not consolidated much. Suppose the trading volume continues to fall, then the price may start trading below the 20-day exponential moving average.
Solana Crypto Social Dominance and Social Volume Analysis
According to the graph, social dominance and social volume have increased in the last few weeks and it has impacted the SOL price positively. Chatter about SOL crypto may have decreased on social media in the last few days.
Solana Price Has Formed A Double-top Pattern On The Daily Timeframe
The Solana price has formed a double-top pattern on a daily time frame. The price has faced resistance from the $200 hurdle and melted to the 20-day EMA. If the price takes support on the 20-day EMA and bounces back then it may record a new 52-week high.
Suppose the Solana crypto price slips below the 20-day EMA and sustains below the neckline of $160, then sellers may show interest in the double-top pattern. If the Solana coin price fails to defend the $140 level then sellers may dominate further.
Solana price is trading at $181.44 which has dropped by 5.61% in the last 24 hours. The market capitalization is $80.91 Billion and according to the market cap, it ranks 5th in the cryptocurrency market. The trading volume is $3.96 Billion which has increased by 23% in the last 24 hours.
Solana Price Technical Analysis on 4-H Timeframe
Solana crypto price has been rising through a channel and currently, it has slipped below. If the trading volume decreases then sellers may eye for the 200-day exponential moving average. According to the price action, if the price starts trading below the 200-day exponential moving average then investors may prefer to book profit which may lead to a bearish trend.
Alternatively, if the SOL price bounces back and enters the channel, sellers may get trapped and will face their stop losses which may result in a bullish momentum for the short term.
Conclusion
Based on the technical analysis and market indicators, the Solana price has faced some challenges in sustaining above the $200 mark, with a recent drop and potential bearish signals. The trading volume, social dominance, and social volume have also played a role in influencing the price movement. It will be important to monitor the price’s behavior around key support levels and moving averages to gauge the potential for a bullish or bearish trend.
Technical Levels
Resistance Levels: $192.00 & $205.00
Support Levels: $170.00 & $145.00
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.