Analytics

SOL Technical Analysis: Price May Soon Fall Below the Support Levels of $39.82 and $39.23

Solana is an open-source public blockchain network with high transaction processing speed. It is hack-free and censorship-resistant as well. It provides a highly scalable platform for creating decentralized apps that can be globally adopted. SOL is the native currency of this network. The SOL technical analysis is as follows:

Past Performance

On Jun 2, 2021, SOL opened at $30.94. On Jun 8, 2021, SOL closed at $41.24. Thus, in the past week, the price has increased by roughly 33%. In the last 24 hours, SOL has traded between $39.29-$41.78.

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Day-Ahead and Tomorrow

Currently, SOL is trading at $40.16. The price has decreased from the day’s opening price of $41.24. Thus, the market seems bearish.

The MACD and signal lines have turned negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to fall further.

Currently, the RSI indicator is at 35%. It faced rejection at 33% and rose to the current level. But, selling pressures are still high for SOL. Thus, the RSI oscillator is giving further credence to the bearish trend indicated by the MACD oscillator.

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

In short, all three oscillators have given negative signals.

SOL Technical Analysis

Currently, the price is below the Fibonacci pivot point of $40.77. The price may soon fall below the first and second support levels of $39.82 and $39.23, respectively.

The price has tested and fallen below the 50% FIB retracement level of $40.53. It may soon fall below the 38.2% FIB retracement level of $40.24 as well. Thus, as of now, the bears are strong. Hence, the price downtrend will continue today and tomorrow.

   

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