Solana Price Falls Below Critical Support Level
- Price Decline: Solana is currently trading at $78.33, down 2.7% in the past 24 hours and 45% over the last 30 days, indicating a weakening market confidence that could lead to further selling pressure.
- Decreased Trading Activity: With a 24-hour spot volume of $3.83 billion, Solana's trading activity has dropped 15%, while open interest in derivatives fell 3%, suggesting traders are closing positions rather than opening new ones, reflecting cautious market sentiment.
- Weak Technical Indicators: The relative strength index (RSI) has fallen to 25, indicating deep oversold conditions; although no bullish divergence has formed yet, such readings often precede brief relief rallies, yet sellers still dominate near-term flows.
- Support Level Analysis: The break below the psychological support level of $80 reinforces the broader downtrend that began after the January peak, and if the price cannot stabilize around the $70 region, it may test the $65-68 support range, with market sentiment remaining under pressure.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for SOL
Technical Sentiment Analysis for Solana (SOL). As of , Solana (SOL) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Solana (SOL) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 35.579 | 51.54 | 67.749 | 83.71 | 99.919 | 115.88 | 132.089 |
| Fibonacci | 51.54 | 63.829 | 71.421 | 83.71 | 95.999 | 103.591 | 115.88 |
About SOL
About the author
