- The SOL price has lost the key moving averages, which indicated the sellers’ grip.
- Solana’s price has dropped by 14% in the past 5 days and is looking for a major support level.
Since April, the Solana (SOL) price has been struggling in a parallel channel on top. Since March, the price has struggled to overcome the $190 hurdle, but sellers were strong enough.
The buyers lost the battle at the beginning of August, and the price dropped to the major support level in less than a week. Based on the technical chart, the Solana price prediction suggested a bearish forecast.
In the first week of August, the SOL price took support on the major support level of $130 and tried to reach the $200 hurdle. However, it failed to gain bullish momentum and slipped below the key moving averages.
The Solana crypto was being traded at $138.97 at press time and has remained neutral for the past 24 hours. The market capitalization was $64.65 Billion and ranks 5th in the cryptocurrency market.
Death Crossover in RSI: Is SOL Price Going to Lose $130 Mark?
Based on the technical chart, the Solana crypto price has consolidated on the lower horizontal line. It was difficult to smash the key moving averages at press time.
If the price sustains below the 200-day exponential moving average (EMA), it may easily drop to the major support level in a few hours. The sellers have tried many times to drag the price below the $130 mark but have failed.
Most buyers might panic if the digital asset price starts trading below the main support level of $130. Investors may prefer to book profits below the $130 mark, resulting in strong selling pressure.
Alternatively, if the Solana crypto surpasses the key moving average, it may extend to the major resistance level. During the bullish momentum, the $190 mark might be a crucial level that may decide the further momentum. If the price overcomes this mark, strong buying momentum can be anticipated.
Turning to the technical Levels, the RSI has developed a bearish crossover with the RSI-based moving average. The MACD has generated a death crossover, and the histograms have been flipped to red. Most of the technical indicators are in favor of a bearish forecast.
Is a New ATH Anticipated in Solana Crypto?
K A L E O (@CryptoKaleo) has tweeted that the SOL price has the potential to record a new all-time high. The price has undergone a consolidation phase at the top.
$SOL / #Solana
— K A L E O (@CryptoKaleo) August 27, 2024
120s, new all time highs. pic.twitter.com/iA5xvK6FRD
A small spark in the SOL price might help to gain bullish momentum. If the price manages to surpass the last swing high, buyers may be eyeing a new all-time high soon.
Solana Price Forecast Based on Technical Analysis
Based on the Solana price prediction, the price has been in a bullish trend for a wider time frame. The sellers are strong in the short term, & a bearish trend can be anticipated.
The bullish trend in the Solana crypto price has halted near the $190 hurdle and undergone a consolidation phase. SOL price has been consolidated in a parallel channel for the past few months.
Buyers may lead the trend once the price exceeds the $200 hurdle. Profit booking can be seen below the $130 mark.
Technical Levels
The SOL crypto price may face resistance from the $160 and $190 levels. The bearish trend may halt near the $140 and $130 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.
