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SOL Price Analysis: Solana in Freefall with 18% Daily Drop, Where’s the Next Support?

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Over the past 24 hours, SOL has crashed by as much as 18% and is now in free fall.

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Key support levels: $23

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Key resistance levels: $37.

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Some time ago Solana lost its key support at $37 which has now turned into resistance and the price is on its way to testing the next important level at $23. The sell-off has been steady and uninterrupted for the past three days with no sign of relief.

Chart from TradingView

Technical indicators

Trading volume: Sales volume is high and constant. Until this changes, SOL is unlikely to stop the downtrend.

Relative Strength Index: The daily RSI has already fallen below 30 points and is in the oversold zone, but the price continues to decline. The MACD is a much better indicator when looking for a bottom.

MACD: The daily MACD completed a bearish cross today. This suggests that the downtrend may intensify and that the SOL is unlikely to be very close to its bottom yet.

SOLUSDT_2022-06-13_11-51-37
Chart from TradingView

Bias

The offset for SOL is bearish.

SOL short-term price forecast

Without any relief, it seems more likely that Solana will test key support at $23. If this level stops the current downtrend, we may see a rally in relief. It also depends a lot on how BTC and ETH work.

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Disclaimer: The information found on Cryptooshalais the property of the cited authors. It does not represent CryptoPotato’s opinion on whether to buy, sell or hold any investment. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.

Cryptocurrency charts from TradingView.




Credit : cryptopotato.com

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