Black_background_logo_BitcoinWorld-removebg-preview
Solana Price Analysis: SOL Plunged 12% in A Week
Latest News News

Solana Price Analysis: SOL Plunged 12% in A Week

The price of Solana (SOL) failed to sustain its bullish momentum and has lost its uptrend and has plunged 12% in just a week. Here are key points to note:

  • Key Support levels: $78
  • Key Resistance levels: $104 

Solana (SOL) Bearish Breakdown in Progress

As soon as Solana fell under $100, the momentum shifted bearish and sellers took over the price action. 

Over the weekend, the price broke below its uptrend which put an end to the rally that started in October 2023.

Solana Price Chart | Source: Coinstats

 

Key Support For Solana (SOL) at $78

With buyers on the defensive, the first key support level where they could stop this correction is found at $78. 

This level used to act as a resistance on the way up and now it can act as support.

See Also: 85 Million SHIB Rewards For Stakers: Shiba Inu Marketing Lead, Lucie

MACD Bearish Momentum Intensifies

The MACD histogram and moving averages are falling at an increasing speed which is a bearish signal that shows sellers dominate right now. SOL’s price will likely continue to fall as a result.

Bias

The bias for SOL is bearish.

Short-Term Prediction for SOL Price

All eyes are now on the key support at $78 which is the most significant support level on the chart. If buyers don’t return there, then this correction may last longer than anticipated.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.