The price of SOL is observing a significant increase in selling pressure. The price is presently seeing a decline of 24% as was estimated in the previous analysis. The buyer’s opinion regarding the price may gain a bullish edge which may create a positive impact on the price as it is moving near a support level.
The technical indicators are taking a positive reversal, though 100 and 200 EMA are giving major resistance to the price. The oscillators are steadily reaching the supply zone which aligns with the movements price action is making.
SOL price is presently at $15.88. It has a total market capitalization of $6.32 Billion seeing an approx decline of 20% within the last few weeks.
Depreciation in Bullish Sentiment and 24h Volume
The investor’s opinion regarding the SOL price is seeing a decline in bullish sentiments. Total bullish sentiment metrics have decreased by 27.43% whereas the bearish sentiments among the investors have appreciated by 2.9% According to LunarCrush.
In the Previous analysis, in early June it was predicted that the price of SOL tokens could see a drop of 19 – 24% in its value within the next few weeks. The analysis was given on the technical indicators and price action. The price was trading below the 200 EMA, taking resistance from the 100 EMA. RSI and stochastic oscillators were also moving near their respective resistance levels. Presently, the price is seeing a decline of 32% within a short period of time.
Technical Analysis (1-Day Timeframe )
The RSI line recently gave a positive breakout through 14 SMA. At present, the value of the RSI line is 37.84 points and the 14 SMA is giving support to it around 31.87 points.
Stochastic RSI is breaching the median. The %K indicates that it may see further appreciation in value. The current value of the stochastic RSI is 63.63 points.
Conclusion
The price of the SOL token is attempting to make a positive recovery; trading under the 100 EMA and 200 EMA on the daily time frame. If the price successfully gains buyers’ approval from the current level it can see a further appreciation in its value.
Technical levels –
Support – $14.00 and $08.00
Resistance – $22.00 and $20.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/20/sol-price-analysis-sol-price-attains-predicted-target-what-next/