Evai CEO Believes There Will Be a Sharp Selloff in SOL’s Future

  • Matthew Dixon tweeted his long-term bearish view for Solana (SOL).
  • The CEO shared that he believes there will be a sharp selloff in SOL’s future.
  • In related news, the price of SOL is down 1.89% over the last 24 hours.

Matthew Dixon (@mdtrade), the CEO of Evai, tweeted this morning that his long-term view on Solana (SOL) is that there will be “a final push to the upside before a sharp selloff.” He added that the sharp selloff may have a geopolitical theme given that the U.S. economy is currently stable.

At press time, the price of SOL is down 1.89% over the last 24 hours according to CoinMarketCap. Despite the 24-hour drop in SOL’s price, the altcoin’s weekly performance is still in the green at +5.95%. As a result, SOL is currently changing hands at $24.01.

The daily trading volume for SOL has dropped 29.59% over the last 24 hours. This drop in trading volume has brought SOL’s daily trading volume to $524,303,939 at press time.

Daily chart for SOL/USDT (Source: TradingView)

SOL’s price is resting on the daily support level at approximately $23.89 at press time after dropping below the 9-day EMA line today. This price level will be the second last line of defense for SOL’s price from dropping to the next support level at $22.49.

Technical indicators on SOL’s daily chart are currently neutral, suggesting that SOL’s price may enter into a consolidation phase heading into the weekend. At press time, the daily RSI line is resting on the RSI SMA line. Furthermore, the 9-day and 20-day EMA lines are trading almost parallel to each other.

Should SOL’s price close today’s trading session above the aforementioned price level at $23.89, then the bearish thesis will be invalidated and SOL’s price may look to target the resistance at $25.11.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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