The SOL/USD pair is unable to break over the $15.00 immediate resistance level, signalling a bearish signal.
the token will rebound from its oversold level of $12.07. The RSI has risen from oversold zone but remains below the middle.
Solana price analysis shows the cryptocurrency following today's bearish movement. The bears are set to grab the market's control. If the bulls do not respond quickly, the bears will overwhelm the market in the long run.
The Solana price started a fall from the $38.00 barrier level against the US Dollar. SOL price made many tries to break through the $38.00 resistance zone. However, the price made a high of $38.78, but Bulls are unable to hold the price and bears are heavy and break through the $38 barrier and begin a fresh fall from $38.78.
The price fell steadily below the $30.00 support level and the 200 four-hours simple moving average. Furthermore, the SOL/USD pair's four-hours chart showed a break below a significant bullish trend line with support at $31.
The price fell below the $20 and $15 support levels, forming a low of $12.07, and the price is consolidating some gain. SOL is currently trading below $15 and below the 100-hour simple moving average.
The 4-hour price chart of Solana shows that the price is trading at the top of a falling channel line. In the last four hours, we've seen a hammer pattern form, and the price has risen approaching the upper channel's resistance. The current market condition indicates a bearish signal as the price falls lower. The bears are dragging down the price levels and are continuing successful as the price has dropped to near low.
An immediate resistance is near $15.00 and 100 hour simple moving average. A clear break over the $15.00 resistance level may signal the start of a continuous rise. The next significant barrier is located at the $16.00 level. Any more rises might push the price of sol towards the $18.00 barrier zone. Any more gains might open the door for a move towards the $20.00 level.
If solana fails to break the resistance of $17.00 then, On the downside, an initial support level is at $13.70. A breach below the $13.70 support level might trigger a significant collapse. In the given scenario, the price might fall as low as $13.00. If SOL fails to hold $13.00 and breach with heavy volume then a new low can be seen in coming weeks near to $12.00-$10.00
According to Price Analysis, The market capitalization of this SOL is estimated to be $5,201,395,247. The 24-hour trading volume for the coin is around $1,216,405,182. SOL market capitalization has risen by 5.33%. However, trade volume increased by 45.80% during intraday trading.
KEY LEVELS :
RESISTANCE LEVEL : $16.00-$19.00
SUPPORT LEVEL : $13.00-$11.00
SOLANA hit a new 20-month low in the early trading session, followed by modest rebound from the lower level. Will SOLANA break through its two-year low and surpass $10, or will it rebound to the $20 level in the coming weeks? Would you kindly share your thoughts?
