Solana Retraced 8% On The Chart, Is It Eyeing $30?
June 07 2022 - 08:00PM
NEWSBTC
Solana plummeted substantially over the last 24 hours and was
inching towards its crucial support line. The technical outlook of
the coin continued to reflect bearishness. Few days ago though, the
coin had attempted to bring the bulls back. At the current moment,
SOL was back to trading near the August 2021 level. Buyers also
left the market as the bulls were defeated. Price of the coin has
now found support on the $38 price mark. With the bears exerting
pressure and causing sellers to dominate the market, Solana might
again fail to sustain above the $38 price mark. Major resistance
for the coin continues to await at $44 and if SOL regains the
bullish vigour then the coin might witness continued upside over
the immediate trading sessions. The global cryptocurrency market
cap today was at $1.29 Trillion, with a 2.6% negative change in the
last 24 hours. Solana Price Analysis: One Day Chart SOL was trading
at $39 at press time, it managed to remain above the $38 support
level. With the bears that are back, it could be possible that
Solana targets falling below the immediate support line. Closest
support line after the $38 mark was at $34. With the coin forming a
descending triangle that signifies bearishness, SOL could also aim
the $30 price support line. Considering Bitcoin also slightly
retraced on the chart, market weakness could be a reason why
Solana’s upward movement could be stalled. Overhead resistance for
the coin stood at $44, breaking past which the altcoin may
encounter another resistance at $59. The volume of the coin traded
in the last session had decreased and was red in colour. This meant
bearishness on charts. Technical Analysis The altcoin was oversold
in the past week, from that scenario, at press time the coin was
above the oversold region. Despite being above the oversold region,
the coin witnessed heavy selling pressure owing to the recent fall.
The Relative Strength Index noted a downtick signalling a dearth of
buyers in the market. The price of SOL was seen below the 20-SMA
line which meant that sellers were driving the price momentum in
the market. Continued selling momentum will only strengthen the
negative price action, however, a push with continuous demand can
send Solana above the 20-SMA line. Related Reading | Short Position
Piling Up, Could This Hint At The Next Bitcoin Move? The technicals
have painted a mixed signal with the indicators more inclined
towards the bears on the chart. The Chaikin Money Flow which
indicates the capital outflows and inflows continued to remain
below the half-line. This meant that capital outflows exceeded the
inflows despite an uptick on the CMF. Another bullish signal would
be the Awesome Oscillator flashing green signal bars. The indicator
is concerned with depicting price momentum and a possible reversal
in the same. The green signal bars were indicative of a buy signal.
If buyers follow the signal then bulls could witness some relief on
the chart. Related Reading | Solana Below $40 Amidst Network
Outage, Are The Bears Back?
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