SOL Price Slipped Beneath 200-day EMA; Will Continue Or Rebound?

• The trading volume has increased by 65% in the last 24 hours.
• Solana’s crypto price has declined by 25% this month, showcasing a bearish trend.

The Solana crypto price has been bullish on a wider time frame, but sellers are strong in the short term. The price has dropped by 25% this month and continues further, slipping below the 200-day EMA.

Since the last week of January, the Solana crypto price has been rising due to support from the trendline. In mid-June, the SOL price triggered a breakdown from the trendline and reacted negatively.

At press time, the Solana price traded at $124.08 with an intraday loss of $3.53%. Solana’s market capitalization is $57.59 Billion, and it ranks 5th in the cryptocurrency market in terms of market cap. The 24-hour trading volume is $1.47 Billion, and the fully diluted market cap is $72.12 Billion.

Will SOL Price Bounce Back From $113 Level?

The level I'm looking at for $SOL

This is the most important chart for SOL memes pic.twitter.com/AqgyGsAyqN

— Enguin (@penguin_curator) June 23, 2024

A source on X claims that Solana’s crypto price may experience buying pressure at $113. In a weekly time frame, the SOL price has triggered a breakdown from this mark after two attempts witnessed strong buying pressure and surged by 98% in just three weeks.

Solana Price is Bearish; the Price Yet to Melt to the $100 and $60 Mark Soon?

Solana crypto price chart displays that the SOL crypto price has triggered a breakdown from the trendline and slipped below the 200-day EMA. As per the chart structure, we got two bearish signals, and on a weekly time frame, the Price has dropped below the 20-day EMA, and the currency cryptocurrency sentiment is bearish.

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If the digital asset price is below the 200-day EMA daily, sellers may show interest. Sellers’ involvement might drag the price below the $100 hurdle, which may make the trend bearish. 

Alternatively, Solana’s price is at a major support level of $124 below the key moving averages. Suppose the price exceeds the 200-day EMA and trading volume increases, and the buyers might show interest, which may lead to a bullish trend. The price can be considered extremely bullish over the $175 hurdle.

Turning to the technical indicators, the SOL price is trading below the key moving averages, showcasing the bearish forecast. The MACD has continuously generated red histograms, and the Signal line is below the Zero line.

Volume has Violently Dropped by 75%

The trading volume has declined violently by 75% in the past five days, negatively impacting the SOL price. For a longer time, the trading volume has kept decreasing since the last week of May, demonstrating the negative forecast.

Conclusion

Solana crypto price has witnessed selling pressure in the short term and triggered a breakdown from the trendline. The price is expected to bounce back from the $113 mark at the weekly time frame. Currently, the SOL price is at the major support level of $124 and is expected to take support.

Technical Levels

According to the chart, the Solana crypto price is expected to face resistance from the $175 and $200 levels. The price may take support at the $124 and $100 mark.

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.