Solana is approaching a crucial point, which if breached could take the price down towards $30.
Key Support Level: $37
Key Resistance Level: $44
Price action has formed a large descending triangle (depicted in blue on the chart below). If the price breaks below the current support at $37, there will be a higher chance of Solana falling towards $30. The current resistance is at $44 and the price is highly unlikely to revisit this level considering the market.
trading volume: The volume actually increased as the Solana price fell. This is a bearish signal.
RSI: The daily RSI didn’t even manage to reach the 40 mark. For this reason, the trend remains very bearish.
MACD: The daily MACD is bullish, but the histogram is flat. This indicates that there is no momentum for the bulls.
The bias for SOL is bearish. If the key holds support, the cryptocurrency may have a chance to survive another crash.
Short term prediction for SOL price
With the price at a critical point, SoL will soon have to decide which way to go next. The descending triangle is about to break out and the current indicators give a bearish bias. If this materialises and the cryptocurrency breaks below $37, it is likely to be in a much lower level play.
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Cryptocurrency charts by TradingView.