Solana Falls Below $35.60, Where Is The Coin Headed Next?
June 22 2022 - 11:00PM
NEWSBTC
Solana over the last 24 hours registered a loss of 7% and fell
below the $35.50 price mark. The bears have mauled the
cryptocurrency market and overall altcoins have fallen on their
charts. Solana also is under the bearish price action despite
registering minor gains on the hourly chart. Despite the gain,
bears will try to hinder the price movement as technical outlook
painted a negative picture. Bitcoin continues to remain close to
the $20,000 mark while other market movers also keep struggling at
the time of writing. The altcoin is dangerously close to the
support line of $35. The bulls however have continued to defend the
next support line of $30. Buying strength also remains low in the
market, with increased selling pressure SOL could again dip and
trade near the $30 price level. The global cryptocurrency market
cap today is $941 Billion with a fall of 2.6% in the last 24 hours.
Solana Price Analysis: Four Hour Chart SOL has been optimistic over
the past week with double digit gain of 20%. SOL has remained one
of the altcoins that have recovered considerably over the week.
Despite the recovery, the bulls are tired of pushing the price up.
As the chart flashed a descending triangle which is tied to fall in
the price, SOL followed through and declined on the chart. At the
time of writing, Solana was trading at $35.65. The coin might
witness stiff resistance at the $38 price level. A fall from the
current price level will drag price of SOL to $30 and then to $26.
The volume of SOL traded in the last trading session fell
signifying that buying strength hasn’t fully picked up. Technical
Analysis SOL flashed an increase in buying strength but there is a
chance that buying strength might dip over the immediate trading
session. The Relative Strength Index noted an uptick and was seen
above the half-line indicating that buyers outnumbered sellers on
the four hour chart. It is however too soon to conclude if the coin
will continue to maintain this price momentum. The coin barely
managed to move over the 20-SMA line which indicated that selling
strength was still present in the market. At press time however,
buyers were driving the price momentum in the market. Suggested
Reading | Bitcoin Steady Above $20K After Drop To $17K – A Slow
Climb To Green? Moving Average Convergence Divergence depict the
price momentum and trend reversals. The indicator went through a
bearish crossover and formed red histograms. The onset of these
histograms were a sell signal for the coin. This can be tied to
incoming price decline for SOL. Average Directional Trend is
responsible for registering the strength of the current trend. ADX
was moving close to the 20-mark with a downtick, this signals that
the trend was losing strength which again pointed towards continued
bearishness in the market. Related Reading | Cardano (ADA) Moved
Upwards After Consolidation, What To Expect Next? Featured image
from UnSplash, chart from TradingView.com
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