Solana Price Faces Bearish Momentum, Next Move Could Push SOL To $28
28 August 2022 - 6:00AM
NEWSBTC
Solana price witnessed a strong bearish pull as major market coins
also depreciated significantly on their charts. The altcoin fell by
6% over the last 24 hours. In the past week, Solana lost 14% of its
market value. The bulls were trying to defend the coin at their
nearest support level, however, the coin met with a sell-off over
the past 24 hours. Over the last few days, Solana was trading
sideways above its support level of $34. The recent depreciation on
the chart caused SOL to fall below its immediate support level. If
Solana price continues to move on the same price trajectory, a fall
below its present price level will be inevitable. The technical
outlook for the coin pointed towards bearishness. Selling strength
shot up over the last 24 hours as buyers lost confidence. A move
below the $31 price mark will cause SOL to revisit the $28 price
level. The global cryptocurrency market cap today is at $1.01
Trillion, with a 3.5% negative change in the last 24 hours. Solana
Price Analysis: Four-Hour Chart SOL was trading for $31 at the time
of writing. The coin just lost the support of the $34 level and was
eyeing the next support level. The closest support line for the
coin stood at $28. Overhead resistance for the coin stood at $37.
In case the coin manages to revisit the $34 level, a move above
that price level could be expected. In case Solana price is unable
to remain at its present level, a move below the $28 price mark can
be expected over the immediate trading sessions. The amount of SOL
traded over the last session declined which indicated low demand
levels and increased selling strength. Technical Analysis SOL
depicted a fall in buying strength at the time of writing. The
technical indicator pointed towards increased selling strength. The
Relative Strength Index was below the 20-mark which meant that
sellers outnumbered buyers at the time of writing. Due to lower
demand, Solana was undervalued on the four-hour chart. Solana price
was below the 20-SMA line and that meant sellers were driving the
price momentum in the market. Related Reading: Bitcoin Taker
Buy/Sell Volume Spikes Up As Price Experiences Volatility SOL had
depicted a sell signal on their four-hour chart. Technical
indicators pointed towards incoming bearishness over the next
trading sessions. Moving Average Convergence Divergence indicates
the price momentum and the chance of reversal. MACD underwent a
bearish crossover and it formed red signal bars below the half-line
which were the sell signal for the coin. Chaikin Money Flow
displays capital outflows and inflows. CMF was also under the zero
line which indicated a fall in capital inflows compared to
outflows. Related Reading: Cardano Price At $0.44 With Strong
Support, What’s Next? Featured image from TechStory, charts from
TradingView.com
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