Chart by TradingView
Solana lost its key support at $20 and is now accelerating down.
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.
The bias for SOL is bearish.
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.
