SOLANA Price Prediction, Can the 50 EMA Act as a Game Changer
- Solana, the blockchain platform, has seen a decrease in NFT sales, lagging behind Polygon, its competitor.
- The price of Solana's native token, SOL, has faced notable declines over the past week following consistent gains in December.
SOLANA is trading above $90, as well as the 200 Four Hourly MA
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According to Coingabbar Price Analysis, SOL's price initiated a new decline, encountering resistance at $115 against the US Dollar.
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After reaching a short-term peak, SOL began a fresh descent, breaking below the $105 support level.
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The daily chart reveals a bearish sentiment as SOL formed a Three Black pattern.
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Within the 4-hour chart, SOL is currently trading within the confines of a Descending Channel Pattern.
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Showing various bearish indicators, SOL's price may experience a significant decline if it fails to maintain support at $85.
KEY LEVELS :
RESISTANCE LEVEL : $97-$100
SUPPORT LEVEL : $91-$88
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
