- The SOL price is trading under a severe downtrend under the 200 EMA while getting support from the 100 EMA.
- The SOL price broke its recent support level with a strong momentum
The SOL price has broken its consolidation channel moving between prices of $26.00 – $20.00, while also making a breakdown from a double top from a price of $26.72 and breaking its neck point with a strong bearish candle. As of now, the SOL price is a green bullish candle while taking support from a crucial Moving average which suggests that the price might make a retest before continuing the trend.
SOL price crossed below the support level with a bearish engulfing candle
After giving an exceedingly bullish rally of more than 95% SOL took a small correction and made a retest from its support level of around $20.00. It also made several attempts to break out of its resistance at $26.00 but the buyers did not support the price, making a downturn of 24%. Although after taking support from its current support level the price again made a rally of 33% after taking a swift rejection price took a sudden downturn and lost its support level with a strong bearish candle of 9%.
Technical Analysis ( On 1 Day Timeframe )
The SOL price after taking a strong resistance from the 200 EMA made a bearish correction of 29 percent trading under a severe downtrend. The 20 EMA has also crossed below the 50 EMA indicating an upcoming bearish trend while the price is currently taking support from the 100 EMA around the price level of $18.50.
The RSI line is currently trading under a downtrend near the demand zone around 33.66 points . while the 14 SMA is trading a few points above it around 43.89 providing resistance to the RSI line. Although the upward curve of RSI is suggesting that it might start moving towards the supply zone.
Conclusion
The overall market sentiments are currently trading around the fear zone of around 44 points in the greed and fear index while seeing a sharp decline of 6 percent since last week when the market sentiments were trading in neutral levels provided by the Alternative(dot)me. While the sellers are overwhelming the market by 50 – 61% across most of the major cryptocurrency exchange platforms according to Coinglass.
Technical levels
Support – $20.00 and $15.09
Resistance – $26.00
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.
Source: https://www.thecoinrepublic.com/2023/03/10/sol-price-analysis-will-the-sol-price-get-the-buyers-support/