Solana Broke Its Nearest Support, Vital Trading Levels To Keep An Eye On
June 28 2022 - 9:00PM
NEWSBTC
Solana has fallen on its chart over the last 24 hours by 2%. Over
the last 24 hours, there has been strong bearish influence on SOL’s
price. Currently the coin has found support on the $34 level. The
market also has been taken over by the bears, Bitcoin has been
hovering around the $20,000 mark for the last 24 hours. Other
market movers have also retraced in their respective charts.
Technical outlook of the coin continues to point towards negative
price action suggesting that price of Solana can fall further.
Selling pressure in the market has started to mount indicating that
price of SOL could again take a dip. The global cryptocurrency
market cap today is $977 Billion with a fall of 0.2% over the last
24 hours. Since, Solana has now fallen beneath the $40 mark, SOL
could now be prone to further fall. Solana Price Analysis: One Day
Chart SOL was trading at $36 on the 24 hour chart. Further retrace
from the current price level will push the coin to $34. Overhead
resistance for the coin stood at $38, if buying strength returns
then SOL could attempt to revisit the $38 price level. If SOL
manages to remain above the $38 mark for a substantial amount of
time then $44 could be possible on the chart. If Solana fails to
hold itself near its $34 support line, it could drag itself down to
$26 in just a matter of sometime. The amount of the altcoin traded
was in the red indicating bearishness and increased selling
pressure. Technical Analysis Technical outlook on the 24 hour chart
for Solana has signalled at price falling further. As mentioned
above, buyers fell in number. The Relative Strength Index noted a
decline and sunk below the half-line indicating that sellers
outnumbered buyers in the market. In accordance with rising selling
pressure, Chaikin Money Flow also moved towards the zero-line. The
indicator represents amount of capital inflows and outflows. This
reading meant that capital inflows depreciated. At the current
price, Solana could witness demand from buyers if price remains at
the same level. Although the bears have gained control, SOL has
been flashing buy signal on the one day chart. The Directional
Movement Index (DMI) was negative which meant that the price
direction shall remain bearish. On the DMI, the -DI line was above
the +DI line. Moving Average Convergence Divergence (MACD) depicts
price trends and reversals. MACD flashed green histograms which are
tied to a buy signal. For SOL to reclaim $44, strength from buyers
shall prove to be crucial. Featured image from Solana.com, chart
from TradingView.com
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