SOL Technical Analysis: Price May Soon Fall Below $37.70

Solana is a robust blockchain platform for the development of highly scalable decentralized apps for global adoption. It is a speedy, safe, composable, cost-effective, and censorship-resistant network. SOL is the native token of this ecosystem. The SOL technical analysis is as follows:

Past Performance

On May 28, 2021, SOL opened at $33.68. On Jun 3, 2021, SOL closed at $39.60. Thus, in the past week, the SOL price has increased by approximately 18%. In the last 24 hours, SOL has traded between $36.95-$39.74.

Day-Ahead and Tomorrow

Currently, SOL is trading at $38.80. The price has decreased from the day’s opening price of $39.60. Thus, the market seems bearish.

The MACD and signal lines are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Plus, both the lines are closer to the zero line and may turn negative soon. Thus, we can expect a further price pullback.

Currently, the RSI indicator is at 54%. It faced rejection at 58% and fell to this level. Thus, selling pressures are slowly mounting. Hence, the price may fall further.

Besides, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the SOL price.

In short, all three oscillators have indicated a further price fall.

SOL Technical Analysis

Currently, the price is below the Fibonacci pivot point of $38.68. The price may soon fall below the first Fibonacci pivot support level of $37.70. Thereafter, we have to wait and watch, if the price goes down further.

The price has tested and fallen below the 61.8% FIB retracement level of $38.67. The price is soon likely to test and fall further below the 50% FIB retracement level of $38.34. Thus, as of now, the bears are strong, and the price downtrend is likely to continue today and tomorrow.



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