Chart by TradingView
Solana lost over 10% in the last 24h as the market turned bearish. Now, the price is at critical support.
Key Support levels: $35, $27
Key Resistance levels: $44, $59
With SOL approaching the key support at $35, buyers have a difficult task ahead of them to stop the current downtrend. If they fail, then the next support level is found at $27, which is the 2022 low. The resistance at $44 continues to hold back any attempts from Solana to break away.
Trading Volume: The volume is in red but falling. Sellers’ conviction will soon be tested at the critical support.
RSI: The daily RSI fell under 50 points in the past two days and continues to go lower. The RSI is about to make a lower low if this trend continues.
MACD: The daily MACD just did a bearish cross today. This is a significant signal that the trend has changed.
The short-term bias for SOL is bearish.
With the price action turning bearish, Solana is about to test the key support at $35. It is critical for the cryptocurrency to hold it. Otherwise, its price may fall much lower. The support at $27 could be retested if the overall market remains bearish.
