Analytics

Solana Price Analysis: SOL Token Price Reverses, Bears Taking Over The Trend

  • SOL token price reverses as it fails to rise above the resistance in the daily chart.
  • The coin price retracts back to the 200-day EMA after exceeding the other critical EMAs.
  • The pair SOL/BTC is trading at 0.009514 BTC, with an intraday fall of -3.62%.

Source – TradingView

After finding demand at the $25 mark, the Sol Token price has moved higher. The bullish market led to a substantial price rise of 40% in a fortnight, before the resistance trendline.

Bullish demand waned near the resistance trendline, leading to another low in the downtrend. The coin price may soon return to $25 as it retraces back from the resistance trendline.

Solana trades at $31.88, with an intraday margin of -4.20% and an intraday volume increase of +3.47%. A rising trading volume and an increasing intraday margin suggest a growing number of bears.

Bears Back In Town, SOL Token Reverses From The Trendline

Source – TradingView

The price of SOL coin has almost fallen back to the $30 mark. As a result, the chances of a bullish breakout have decreased significantly as the price returns to the $25 support level.

The pivot points standard (Traditional and Auto) states that the SOL token price may encounter resistance at $35 if the buying volume rises. The coin price could, however, find support at the $20 to $15 level.

The coin price has exceeded all the significant EMAs in the 4-hour chart projecting a downtrend in the price chart. However, the 200-day EMA can provide support to the coin price near the $25 mark.

The RSI (Bearish) indicator indicates bearish momentum as the RSI line falls.

The ADX represents a massive loss in trend momentum.

Conclusion – The reversal projects a rising bearish sentiment in the SOL token’s price from the resistance trendline. The significant EMAs within the 4-hour timeframe also indicates bearishness, along with the RSI. Bulls may be able to break through the resistance trendline with support from the $25 and 200-day EMA.

Investors who have bullish hopes for SOL tokens should patiently wait for it to break above its resistance trendline.

Support- $20 and $15Resistance-$35 and $40

   

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