Author:
Solana lost its key support at $20 and is now accelerating down.
Solana Price Analysis
Key Support levels: $17, $15
Key Resistance levels: $20, $23
SOL failed to maintain its price within the descending triangle, and with the support at $20 turned into resistance, it’s currently in search of support. The key levels to watch are found at $17 and $15, with the latter having the highest confidence.
Trading Volume: The sustained sell volume in the past week has pushed Solana into making lower lows.
RSI: The daily RSI is quickly approaching the oversold area at under 30 points. Hopefully, buyers will become interested again.
MACD: The daily MACD is in freefall, and there are no signs that this downtrend will end at this time.
Bias
The bias for SOL is bearish.
Short-Term Prediction for SOL Price
The most likely area where Solana can stop this selloff is found at $15. The support at $17 may provide a relief bounce, but considering this momentum, it is unlikely to hold for long.
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